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Electronic Sensor Maker Teledyne Acquires FLIR Systems for $8B

Electronic sensor technology maker Teledyne Technologies  (TDY) – Get Report on Monday agreed to buy thermal image technology and hardware provider FLIR Systems  (FLIR) – Get Report in a cash-and-stock deal valued at approximately $8 billion.

Under terms of the agreement, FLIR shareholders will receive $28 a share in cash and 0.0718 a share of Teledyne common stock for each FLIR share, implying a total purchase price of $56 per FLIR share based on Teledyne’s five-day volume-weighted average price as of Dec. 31.

The transaction reflects a 40% premium for FLIR stockholders based on FLIR’s 30-day volume-weighted average price as of Dec. 31, the companies said.

Shares of FLIR were up 20.19% at $52.68 in trading on Monday. 

As part of the transaction, Teledyne has arranged a $4.5 billion, 364-day credit commitment to fund the transaction and refinance certain existing debt. Teledyne expects to fund the transaction with permanent financing prior to closing.

Read the source article at Stock Market

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