TELEDYNE TECHNOLOGIES INC acquires Benthos, Inc.
Snapshot
TELEDYNE TECHNOLOGIES INC acquired Benthos, Inc. for approximately $40.6 million ($17.50 per share in cash; ~$31.1 million net of Benthos cash at Sept 30, 2005) in January 2006. The transaction was structured as all cash. Benthos, Inc. is a United States-based Instrumentation (marine) business.
- Acquirer
- TELEDYNE TECHNOLOGIES INC
- Target
- Benthos, Inc.
- Value
- approximately $40.6 million ($17.50 per share in cash; ~$31.1 million net of Benthos cash at Sept 30, 2005)
- Date
- January 2006
- Type
- full acquisition
- Status
- ready
The deal at a glance
About this deal
TELEDYNE TECHNOLOGIES INC acquired Benthos, Inc. for approximately $40.6 million ($17.50 per share in cash; ~$31.1 million net of Benthos cash at Sept 30, 2005), a transaction completed in January 2006, structured as all cash.
Benthos, Inc. operates in Instrumentation (marine), is based in United States. Benthos, Inc. (Nasdaq: BTHS) was acquired by Teledyne following shareholder approval at a special meeting held January 27, 2006. Teledyne paid $17.50 in cash per Benthos common share, with aggregate consideration of approximately $40.6 million including settlement of outstanding stock options (approximately $31.1 million net of Benthos' cash). Teledyne funded the acquisition primarily from borrowings under its $280 million credit facility.
Marine instrumentation and underwater acoustics products complementary to Teledyne's instrumentation portfolio.
No advisory firms have been disclosed for this transaction.