Teledyne Technologies to Acquire e2v

Electronic component developer Teledyne Technologies Inc. will be acquiring technology systems developer e2v Technologies PLC.

Under the terms of the offer, e2v’s shareholders will receive 275 pence in cash for each e2v share valuing the entire issued and to be issued ordinary share capital of e2v at approximately £620 million ($648 million) on a fully diluted basis. Subject to the satisfaction or waiver of all relevant conditions, the acquisition will be completed in the first half of 2017.

“Every business within e2v is highly complementary to Teledyne,” said Robert Mehrabian, chairman, president and CEO of Teledyne. “As important, there is minimal product overlap. 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 health care market with specialized x-ray sensors.”

The aggregate enterprise value for the transaction is expected to be approximately £627 million ($789 million).