New York / Washington D.C., 05 January 2021 – Global law firm Hogan Lovells is advising FLIR Systems, Inc., a leading industrial technology company focused on intelligent sensing solutions for defense and industrial applications, on its agreement to be acquired by Teledyne Technologies Incorporated, in a cash-and-stock transaction valued at approximately US$8 billion.
Under the terms of the agreement, FLIR stockholders will receive US$28.00 per share in cash and 0.0718 shares of Teledyne common stock for each FLIR share, which implies a total purchase price of US$56.00 per FLIR share based on Teledyne’s 5-day volume weighted average price as of 31 December, 2020. The transaction reflects a 40% premium for FLIR stockholders based on FLIR’s 30-day volume weighted average price as of December 31, 2020.
FLIR Systems is a world leader in the design, manufacture, and marketing of thermal imaging infrared cameras. Teledyne Technologies is a leading provider of sophisticated instrumentation, digital imaging products and software, aerospace and defense electronics, and engineered systems.
The core Hogan Lovells team advising FLIR Systems was led by partners Lillian Tsu (New York), John Beckman (Washington, D.C.) and Elizabeth Donley (Washington D.C) and included partner Tiffany Posil (Washington D.C.), senior associates Daniel Levisohn (Washington D.C.) and Matthew Bowles (Washington D.C.) and associates Ariel Anderson (Washington, D.C.) and Lena Al-Marzoog (Washington, D.C.).
The full client release can be viewed here.
In July 2020 Hogan Lovells advised FLIR on its issuance of US$500 million aggregate principal amount of its 2.5% senior notes due 2030.
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