TELEDYNE TECHNOLOGIES INC acquires FLIR Systems, Inc.

TELEDYNE TECHNOLOGIES INC acquired FLIR Systems, Inc. for approximately $8.2 billion including net debt ($28.00 cash + 0.0718 Teledyne shares per FLIR share; ~$57.40 per share implied at close; ~$8.0 billion at announcement), a transaction completed in May 2021, structured as combination (cash and stock).

FLIR Systems, Inc. operates in Digital Imaging (operates as Teledyne FLIR), is based in Headquartered in Arlington, Virginia; global operations. FLIR Systems, headquartered in Arlington, Virginia, is a leading designer and manufacturer of thermal imaging, infrared cameras, sensors and sensor systems. At closing FLIR was folded into Teledyne's Digital Imaging segment and renamed Teledyne FLIR. Teledyne secured permanent cash financing at a weighted-average borrowing cost of less than two percent; net leverage at closing was expected near 4.0x adjusted pro forma EBITDA, declining below 3.0x by the end of 2022.

Both companies are built on proprietary sensor technologies with similar business models providing sensors, cameras and sensor systems; their imaging technologies are described as uniquely complementary with minimal overlap, based on different semiconductor technologies for different wavelengths.

Complementary, minimally overlapping imaging sensor technologies across wavelengths, plus unmanned systems and imaging payloads spanning all domains. Included in Teledyne's Digital Imaging segment, operating under the name Teledyne FLIR