TORONTO, ON / ACCESSWIRE / January 6, 2021 / Recently, Kansai Halifax Holdings Released the research report on 'Teledyne Acquiring Flir in $7.36 Billion Deal'. Senior finance managers at Kansai Halifax Holdings have today commented on Teledyne Technologies Inc. as it agrees to acquire thermal imaging camera supplier Flir Systems Inc. for $7.36 billion, bolstering its portfolio of imaging sensor technology which is used for aerospace and defense initiatives.
"The merged companies will have a combined revenue for 2020 of around $5 billion on a pro forma basis," commented Jonathan Scott, Director of EMEA Wealth Management at Kansai Halifax Holdings. "Flir's imaging products for the battlefield and commercial markets will contribute to Teledyne's space and aircraft system portfolio," he added.
With industry demand increasing, Teledyne has been pursuing several acquisitions. In October, the company, which as of December 31 was valued at $14.5 billion, said it had a solid balance sheet and a healthy pipeline of buyout plans that will help boost its cash flow over the coming years.
According to analysts at Kansai Halifax Holdings, FLIR shareholders will receive $28 in cash and 0.0718 shares of Teledyne common stock for each share held. That indicates a purchase price of $56.14 based on Teledyne's last close, which represents a 28.1% premium for FLIR shareholders to the stock's closing price on Thursday.
"At 12:56 p.m. in New York, Flir surged 19% to $52.06 after climbing as much as 24%. On Monday, Teledyne sank 8.6% to $358.38," commented Michael Taylor, Director of Capital Markets at Kansai Halifax Holdings.
Teledyne said the Flir deal, which it valued at around $8 billion, will contribute to earnings immediately after excluding acquisition expenses and intangible asset amortization. A spokesperson for the California-based company said the deal is Teledyne's biggest ever.
Evercore acted as financial adviser to Teledyne and Goldman Sachs & Co LLC advised FLIR.
The companies expect the purchase to complete in the middle of this year, pending regulatory and shareholder approvals and other customary conditions.
About Kansai Halifax Holdings
Headquartered in Japan, Kansai Halifax Holdings is one of Asia's leading wealth management companies, entrusted to manage over $6.45 billion in client investment capital.
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SOURCE: Kansai Halifax Holdings