Rugged smartphones could be getting smarter after Teledyne snaps up FLIR
Could mean big changes to a rugged phone near you
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Teledyne Technologies, the industrial sensor manufacturer, has purchasedFLIRin an $8 billion deal.
Although both companies make sensors, they each have slightly different focuses, with FLIR boasting more of a consumer emphasis, having seen its thermal imaging incorporated in some smartphone devices.
The purchase will constitute a cash and stock transaction, with FLIR stockholders receiving $28 per share in cash and 0.0718 shares of Teledyne common stock for each FLIR share they hold. Overall, this represents a total purchase price of $56 per FLIR share, giving FLIR stockholders a 40% premium.
Sensing a good deal
It’s not clear yet what developments will emerge as a result of the acquisition, but both companies have previously been involved in some cutting-edge work. FLIR provides thermal imagine and night-vision technology for military and industrial purposes, while Teledyne has seen its sensors put to use by self-driving car manufacturers, as well as on NASA space missions.
Given that FLIR has deployed its imaging sensors in the smartphone market previously, particularly with regard to rugged smartphones, the purchase by Teledyne could lead to some exciting new offerings in this area.
Teledyne’s acquisition of FLIR has been approved by both companies’ boards and is expected to close in the middle of 2021, subject to regulatory approval.
“At the core of both our companies is proprietary sensor technologies,” Robert Mehrabian, Executive Chairman of Teledyne,said.
“Our business models are also similar: we each provide sensors, cameras, and sensor systems to our customers. However, our technologies and products are uniquely complementary with minimal overlap, having imaging sensors based on different semiconductor technologies for different wavelengths. For two decades, Teledyne has demonstrated its ability to compound earnings and cash flow consistently and predictably. Together with FLIR and an optimized capital structure, I am confident we shall continue delivering superior returns to our stockholders.”
ViaTechCrunch
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Barclay has been writing about technology for a decade, starting out as a freelancer with ITProPortal covering everything from London’s start-up scene to comparisons of the best cloud storage services. After that, he spent some time as the managing editor of an online outlet focusing on cloud computing, furthering his interest in virtualization, Big Data, and the Internet of Things.
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