Acquisition of FLIR Systems by Teledyne
The American company FLIR Systems, which specializes in thermal imaging and onboard cameras, particularly on ships, and which also owns the marine electronics specialist Raymarine, has announced the signature of an agreement for its acquisition. The Californian company Teledyne, also focused on thermal imaging, is acquiring the company for an estimated $8 billion in cash and shares. FLIR shareholders will receive $28 per share and 0.0718 shares of Teledyne. According to the press release, this represents a 40% premium on the average value as of December 31, 2020.
Consequences to be assessed on boating activity
Stakeholders welcome synergies in their common area of thermal imaging and sensors. "Our proprietary sensor technologies are at the heart of both our companies. Our business models are also similar: we supply sensors, cameras and sensor management systems to our customers. However, our technologies and products are complementary with minimal overlap, having image sensors based on semiconductor technologies of different wavelengths," said Robert Mehrabian, Teledyne's Executive Chairman.
The press release does not give any details on the future of the nautical business and in particular of Raymarine. FLIR Systems had announced in February 2020 that it wanted to enter the marine separate from the marine electronics brand before changing its mind in May of the same year, due to the lack of an acceptable level of supply in times of crisis for Covid-19. With an increasingly marked positioning in thermal imaging, 2021 will tell what choices the new leaders will make.
