Teledyne Systems Included (NYSE:TDY) declared the effective completion of the acquisition of FLIR Programs, Inc. (NASDAQ:FLIR). At each individual of the respective firm’s exclusive meeting of stockholders held on May 13, 2021, the stockholders authorised and adopted merger proposals related to the Settlement and Strategy of Merger dated January 4, 2021. FLIR will now be involved in Teledyne’s Digital Imaging phase and run below the identify Teledyne FLIR.
Less than the phrases of the arrangement, FLIR stockholders gained $28.00 per share in cash and .0718 shares of Teledyne typical stock for each individual FLIR share, which implies a full purchase cost of about $57.40 for each FLIR share centered on Teledyne’s closing price tag on May perhaps 13, 2021. The aggregate thought for the transaction was close to $8.2 billion, together with web personal debt. Earlier, Teledyne secured all long-lasting dollars financing for the transaction with a weighted regular borrowing value of considerably less than two p.c.
Teledyne expects the acquisition to be right away accretive to earnings, excluding transaction prices and obtain cost accounting, and accretive to GAAP earnings in the very first full calendar calendar year pursuing the acquisition.
At the same time, Teledyne introduced the subsequent executive promotions, successful these days. Edwin Roks, present Vice President of Teledyne and President of Teledyne’s Digital Imaging Phase, is now Govt Vice President of Teledyne. Edwin will proceed to serve as President of Teledyne’s Electronic Imaging Section, which now incorporates Teledyne FLIR. In addition, Todd Booth is promoted to Senior Vice President and Chief Financial Officer for the obtained Teledyne FLIR team of enterprises.
“We take pleasure in the assistance from our stockholders, and I am delighted to welcome FLIR to the Teledyne relatives,” mentioned Robert Mehrabian, Executive Chairman of Teledyne. “As a mixed organization, Teledyne FLIR will uniquely give a total spectrum of imaging systems and products spanning X-ray through infrared and from parts to complete imaging units. Teledyne FLIR will also present a total variety of unmanned units and imaging payload across all domains ranging from deep sea to deep area. Ultimately, I want to congratulate Edwin and Todd, whose promotions are really very well deserved.”
Teledyne and FLIR submitted the vote effects for their respective particular conferences of stockholders on a Variety 8-K with the U.S. Securities and Trade Commission on Might 13, 2021.