TELEDYNE TECHNOLOGIES INC acquires Ocean Design, Inc. (ODI)
Snapshot
TELEDYNE TECHNOLOGIES INC acquired Ocean Design, Inc. (ODI) for approximately $30 million (initial majority interest; remaining shares subject to formula-based purchases through 2009) in August 2006. The transaction was structured as all cash. Ocean Design, Inc. (ODI) is a Headquartered in Daytona Beach, Florida-based Instrumentation (marine) business.
- Acquirer
- TELEDYNE TECHNOLOGIES INC
- Target
- Ocean Design, Inc. (ODI)
- Value
- approximately $30 million (initial majority interest; remaining shares subject to formula-based purchases through 2009)
- Date
- August 2006
- Type
- majority-stake acquisition
- Status
- ready
The deal at a glance
About this deal
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.
No advisory firms have been disclosed for this transaction.