Teledyne Technologies (NYSE: TDY) closed its purchase of FLIR Systems, an imaging sensors developer, a day after stockholders of both companies voted in favor of the transaction during their respective meetings.
FLIR will change its name to Teledyne FLIR and will operate under Teledyne’s digital imaging segment led by Edwin Roks, a Teledyne vice president who elevated to the role of executive VP, Teledyne said Friday.
Todd Booth, formerly chief financial officer for aerospace and defense electronics at Teledyne, has been promoted to senior VP and CFO for the Teledyne FLIR group of businesses.
Stockholders of FLIR received $28 per share in cash and 0.0718 shares of Teledyne common stock for each FLIR share under the transaction’s terms. Teledyne said it expects the acquisition to be accretive to earnings and GAAP earnings in the first full calendar year following the purchase.
“As a combined company, Teledyne FLIR will uniquely provide a full spectrum of imaging technologies and products spanning X-ray through infrared and from components to complete imaging systems,” said Robert Mehrabian, executive chairman of Teledyne. “Teledyne FLIR will also provide a complete range of unmanned systems and imaging payload across all domains ranging from deep sea to deep space.”
Teledyne struck a cash-and-stock deal worth $8 billion for FLIR Systems in January and completed all permanent financing for the acquisition in March.