Author: Jane Edwards|| Date Published: November 7, 2024
Teledyne Technologies has agreed to buy select aerospace and defense electronics businesses of Excelitas Technologies for approximately $710 million in cash as part of efforts to expand its tech offerings.
According to a joint release published Wednesday, both parties expect the transaction to close in early 2025, subject to regulatory approvals and other customary closing conditions.
US-Based Advanced Electronics Business
The acquisition includes Excelitas’ optical systems business in the U.K. and its U.S.-based advanced electronic systems, or AES, business.
The AES business segment provides electronic safe and arm devices, rubidium frequency standards, high-voltage semiconductor switches and other custom energetics for defense and space applications.
“We are excited to announce this pending acquisition, which will bring us new technology in markets well-understood by Teledyne,” said Robert Mehrabian, executive chairman of Teledyne.
“Our respective products are highly complementary and not competitive, and we generally serve customers in complementary geographies,” Mehrabian added.
Evercore and Harris Williams are serving as financial advisers to Excelitas in the transaction and Fried, Frank, Harris, Shriver & Jacobson is acting as the tech company’s legal counsel.
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