80.5 F
San Fernando
Friday, Jul 1, 2022

Teledyne Secures Approval for Flir Deal in Canada, Germany

 Teledyne Technologies Inc. has received antitrust clearance from regulatory agencies in Canada and Germany for its acquisition of Flir Systems Inc.The Thousand Oaks aerospace, marine and digital imaging manufacturer had already received approval for the acquisition from the U.S. on March 1.Assuming receipt of additional required regulatory approvals in Poland, Turkey, China and South Korea, the transaction is expected to close in the second quarter, the company said in a release.Teledyne announced in early January it would acquire Flir Systems in a cash and stock deal valued at $8 billion. The company will pay $56 a share for Flir stock, a 19 percent premium to its closing price on Dec. 31.Flir in Arlington, Va. develops cameras and sensors used in military, industrial, automotive, marine and public safety applications.Financing for the transaction was completed on March 22. It consists of $3 billion in investment-grade bonds due from 2023 through 2031 and a $1 billion term loan credit agreement and an amended and restated credit agreement with a capacity of $1.1 billion both maturing in 2026, the company said.The company made the antitrust announcement on Thursday. Shares of Teledyne (TDY) did not trade on Friday due to the markets being closed for Good Friday.

Mark Madler
Mark Madler
Mark R. Madler covers aviation & aerospace, manufacturing, technology, automotive & transportation, media & entertainment and the Antelope Valley. He joined the company in February 2006. Madler previously worked as a reporter for the Burbank Leader. Before that, he was a reporter for the City News Bureau of Chicago and several daily newspapers in the suburban Chicago area. He has a bachelor’s of science degree in journalism from the University of Illinois, Urbana-Champaign.

Featured Articles

Related Articles