FLIR Joins Teledyne's Digital Imaging Division
The company changed its name to Teledyne FLIR.


Teledyne Technologies announced today that it has completed its acquisition of FLIR Systems. Shareholders of both companies approved and adopted the proposed merger related to the January 4th agreement and plan of merger at a special meeting of shareholders held on May 13th. FLIR will operate as Teledyne FLIR, a division of Teledyne Digital Imaging.

FLIR shareholders will receive $28 in cash and 0.0718 shares of Teledyne common stock per FLIR share. Based on Teledyne's closing price on May 13th of this year, this represents a total purchase price of approximately $57.40 per FLIR share. This transaction brings the total acquisition price for Teledyne to approximately $8.2 billion, including net debt. Prior to the acquisition, Teledyne secured permanent cash financing at a weighted average cost of borrowing of less than 2%.

Teledyne expects the acquisition to be immediately accretive to earnings, excluding transaction costs and purchase price allocations (PPA), and to be accretive to GAAP earnings beginning one year from now. Edwin Roks, currently Vice President and President of Teledyne's Digital Imaging division, will continue in his role as President of the Digital Imaging division, which now includes Teledyne FLIR.

“Teledyne FLIR will provide imaging technologies and products spanning the entire spectrum from X-ray to infrared, from components to complete imaging systems,” said Robert Mehrabian, Chairman and CEO of Teledyne. “We will also supply the full range of unmanned systems and imaging payloads for use in every domain, from the deep sea to deep space.”