Teledyne Technologies Incorporated has reached an agreement to acquire e2v technologies plc for approximately $789 million (£620 million).
It is expected that, subject to the satisfaction or waiver of all relevant conditions, the acquisition will be completed in the first half of calendar 2017.
As many in the industry already know, e2v developers image sensors, cameras, and application specific standard products in the machine vision market, while also developing image sensors for space science and astronomy. Furthermore, the company provides semiconductors and board-level solutions for use in aerospace, space, and radio frequency communications applications
Robert Mehrabian, Chairman, President and Chief Executive Officer of Teledyne, the parent company of Teledyne DALSA, commented on the transaction, noting that the company has been following e2v for more than a decade, and that over time, both companies became "increasingly aligned."
"In fact, every business within e2v is highly complementary to Teledyne. As important, there is minimal product overlap," he said "For example, we are both leaders in space and astronomy imaging, but Teledyne largely provides infrared detectors and e2v provides visible light sensors. While we both provide microwave devices, e2v’s largest product and market are magnetrons for cancer radiotherapy. Teledyne supplies solid state and vacuum microwave systems, but no magnetrons, and we primarily serve defense markets such as electronic warfare, radar and communications. However, Teledyne serves the healthcare market with specialized X-ray sensors.
He added, "In machine vision applications, e2v’s advanced capabilities in proprietary CMOS sensor design add to Teledyne’s strengths in cameras and vision systems. While Teledyne designs advanced mixed signal circuits for government and commercial applications, e2v’s broader product portfolio enhances our offerings and channels to market."
Neil Johnson, Chairman of e2v, also commented on the deal, "Teledyne has recognized the value inherent in our business and prospects by making a cash offer at an attractive premium to the share price. The Board of e2v has also considered the merits of being part of a larger, complementary group with enhanced scale and a wider range of capabilities to service its key customers and management and employees having access to the opportunities available in a larger group. The Board of e2v is therefore unanimously recommending e2v Shareholders to vote in favor of the acquisition."
View more details on the financial terms by viewing the Teledyne press release.
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