TELEDYNE TECHNOLOGIES INC acquired Ocean Design, Inc. (ODI) for approximately $30 million (initial majority interest; remaining shares subject to formula-based purchases through 2009), a transaction announced in August 2006, structured as all cash.
Ocean Design, Inc. (ODI) operates in Instrumentation (marine), is based in Headquartered in Daytona Beach, Florida. Teledyne, through its subsidiary Teledyne Instruments, agreed to acquire a majority interest in Ocean Design, Inc. (ODI) for approximately $30 million. ODI, headquartered in Daytona Beach, Florida, is a leading manufacturer of subsea, wet-mateable electrical and fiber-optic interconnect systems used in offshore oil and gas production, oceanographic research and military applications. The agreement provided ODI stockholders options to sell remaining shares to Teledyne at formula-determined prices through 2009.
Leading subsea interconnect systems for offshore energy, oceanographic research and military markets. Acquired by Teledyne Instruments, Inc.
Teledyne Technologies Incorporated (NYSE:TDY) announced today that its subsidiary, Teledyne Instruments, Inc., has entered into an agreement to acquire a majority interest in Ocean Design, Inc. (ODI) for approximately $30 million. ODI is a leading manufacturer of subsea, wet-mateable electrical and fiber-optic interconnect systems used in offshore oil and gas production, oceanographic research, and military applications.Teledyne Technologies press release, August 1, 2006
Advisory firms were not disclosed for this transaction.