Teledyne to Acquire Excelitas' Defense Electronics Businesses

Teledyne Technologies Inc. has entered into an agreement to acquire select aerospace and defense electronics businesses from Excelitas Technologies Corp. in a deal valued at $710 million (cash). The acquisition includes the Optical Systems (OS) Business, which is known under the Qioptiq brand based in Northern Wales, as well as the U.S.-based Advanced Electronic Systems (AES) business.

The UK-based OS Business provides advanced optics for heads-up and helmet-mounted displays, dismounted tactical night vision systems and proprietary glass used in space and satellite applications. In the U.S., the AES business provides custom energetics, including electronic safe and arm devices, high-voltage semiconductor switches and rubidium frequency standards for defense and space applications.

“Our respective products are highly complementary and not competitive, and we generally serve customers in complementary geographies,” said Robert Mehrabian, Teledyne’s executive chairman.

Earlier this year, Excelitas announced and completed the relocation of its corporate headquarters, and the company said in January that it had begun the groundwork to pursue an initial public offering.

The transaction is anticipated to be completed early next year and is subject to customary closing conditions, including regulatory approvals. Teledyne acquired micro- and optoelectronics producer Micropac in a deal announced earlier this week.