Teledyne Technologies announced that it has agreed to buy select aerospace and defense electronics businesses from Excelitas Technologies for $710 million in cash. The deal includes the Optical Systems (OS) business known under the Qioptiq brand based in Northern Wales, UK, and the US-based Advanced Electronic Systems (AES) business.
The UK-based OS business offers advanced optics for heads-up and helmet-mounted displays, dismounted tactical night vision systems and proprietary glass used in space and satellite applications. And 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.
The deal is anticipated to be completed in early 2025 and is subject to customary closing conditions, including regulatory approvals.
Evercore and Harris Williams are acting as financial advisors, and Fried, Frank, Harris, Shriver & Jacobson is acting as Excelitas’s legal advisor in connection with the transaction. McGuireWoods is acting as Teledyne’s legal advisor.
KEY QUOTES:
“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. We look forward to welcoming these businesses and their employees to Teledyne.”
– Robert Mehrabian, Executive Chairman
“We will be pleased to add these businesses to our aerospace and defense electronics segment, which has performed exceptionally well in recent years. Furthermore, we believe the businesses’ operations, personnel and culture are very compatible with our U.S. and UK defense electronics organizations.”
– George Bobb, President and Chief Operating Officer
“We are excited about the new opportunities this acquisition will bring and 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.”
– Doug Benner, EVP Excelitas and President of Defense and Aerospace Segment
