Teledyne Technologies (NYSE: TDY) has agreed to acquire Bolt Technology Corp. (NASDAQ: BOLT) for nearly $171 million in a move that Teledyne Chairman and CEO Robert Mehrabian says is intended to expand his company’s marine instrumentation portfolio.
Mehrabian said Wednesday that Bolt’s SeaBotix business will become a part of Teledyne’s marine systems business.
“Bolt’s geophysical acoustic sources will fit well with our existing hydrophone arrays, which listen for the echoes from these sound sources, ” added Mehrabian.
Teledyne will purchase the common shares of Bolt for $22 per share and incorporate the company as a wholly-owned subsidiary.
Johnson Rice & Company serves as financial adviser and Levett Rockwood P.C. and Edwards Wildman Palmer LLP as legal counsel to Bolt.
McGuireWoods LLP acts as Teledyne’s legal counsel.
Bolt designs and manufactures miniature underwater remotely operated vehicles for maritime security, search and rescue, aquaculture and scientific research clients.