BusinessWire: Teledyne and e2v jointly announce that they have reached agreement on the terms of a cash acquisition to be made by Teledyne for e2v. The aggregate enterprise value for the transaction is expected to be approximately £627 million (or approximately $789 million) taking into account e2v stock options and net debt. For the year ended March 31, 2016, e2v had sales of approximately £236 million. Excluding transaction-related expenses, Teledyne management expects the transaction to be accretive to earnings per share. It is expected that the acquisition will be completed in the first half of calendar 2017.
"We have followed e2v for more than a decade. Over time, as both Teledyne and e2v evolved, our businesses have become increasingly aligned. In fact, every business within e2v is highly complementary to Teledyne. As important, there is minimal product overlap,” said Robert Mehrabian, Chairman, President and CEO of Teledyne.
“For example, we are both leaders in space and astronomy imaging, but Teledyne largely provides infrared detectors and e2v provides visible light sensors... Teledyne serves the healthcare market with specialized X-ray sensors. In machine vision applications, e2v’s advanced capabilities in proprietary CMOS sensor design add to Teledyne’s strengths in cameras and vision systems.”