06 Nov 2024
…and acquires optoelectronics systems developer Micropac for $57.3 million.
Teledyne Technologies has today (November 6th) announced that it has entered into an agreement to acquire select aerospace and defense electronics businesses from Excelitas Technologies for $710 million in cash. The acquisition includes the optical systems business known under the Qioptiq brand, based in North Wales, UK, as well as the U.S.-based advanced electronic systems (AES) business.The UK-based optical systems business provides advanced optics for heads-up and helmet-mounted displays, dismounted tactical night vision systems and proprietary glass used in space and satellite applications. In the U.S., the AES business provides custom energetics, including electronic safe & arm devices, high-voltage semiconductor switches and rubidium frequency standards for defense and space applications.
‘Complementary products’
Robert Mehrabian, Executive Chairman of Teledyne, commented, “We are excited to announce this pending acquisition, which will bring us new technology in markets well-understood by Teledyne. Our respective products are highly complementary and not competitive, and we generally serve customers in complementary geographies.”
George Bobb, Teledyne’s President and COO, added, “We will be pleased to add these businesses to our aerospace and defense electronics segment, which has performed exceptionally well in recent years. We believe the businesses’ operations, personnel and culture are very compatible with our U.S. and UK defense electronics organizations.”
Doug Benner, EVP, Excelitas, and President, Defense and Aerospace Segment, said, “We look forward to a seamless integration that will benefit our customers, employees and Teledyne stakeholders. Our journey providing electro-optical solutions designed to keep troops and high-value assets safe continues with an industry leader.”
This transaction is anticipated to be completed in early 2025 and is subject to customary closing conditions, including regulatory approvals. Teledyne management expects the transaction to be accretive to GAAP and non-GAAP earnings per share, excluding transaction costs.
Teledyne to acquire Micropac for $57.3 million
At the same time, Teledyne Technologies and Micropac Industries announced that they have entered into a definitive merger agreement that provides for the merger of Micropac with a wholly-owned subsidiary of Teledyne. Teledyne will acquire all of the issued and outstanding common shares of Micropac for $20.00 per share payable in cash, valuing Micropac at $57.3 million.
The transaction was unanimously approved by the Boards of Directors of Teledyne and Micropac and the deal is expected to complete by the end of 2024. Micropac, founded in 1963, designs and manufactures optoelectronic components, sensor and display assemblies, and microelectronics, primarily for military, aerospace, and medical applications.
Robert Mehrabian, Executive Chairman of Teledyne, commented, “Micropac's products are complementary to our own, and we serve common customers in defense, space and healthcare markets.”
Mark King, Chairman, President and CEO of Micropac, said, “We view the combination as a natural next step in Micropac’s evolution. We look forward to leveraging Teledyne’s additional market reach and technical capabilities, while maintaining the Micropac name and continuing to operate from our new facility in Garland, Texas.”
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