Monday, December 12, 2016

Teledyne to Acquire e2v for $789M

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.

7 comments:

  1. In the past we had three big CCD blocks in Europe : Philips, Thomson and English Electric Valve. The CCD group of Philips was acquired by DALSA and later became Teledyne, the CCD group of Thomson became Atmel, later E2V and now Teledyne, the CCD group of English Electric Valve became E2V and now Teledyne. The three CCD competitors of the past now all belong under the same roof, being the Teledyne roof.
    The three CCD competitors also had their own CCD fabs. The Philips CCD-proces moved to Bromont (Canada), the Thomson CCD-fab in Saint-Egreve disappeared once they became E2V, only the E2V fab in Chemlsford (UK) remained in Europe (as CCD fab). But now Teledyne has two CCD fabs, the one in Bromont and the one in Chelmsford. Is this going to be the end of the very last CCD fab in Europe as well ... ?

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    1. Is that monopoly ?

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    2. Monopoly and monopoles:

      Eric sold his Photobit company to Micron. Then they spin off to Aptina. OnSemi bought them. And using mainly the automotive and RS pixel knowledge. Also OnSemi bought Truesense with the old Kodak CCD pixel experience.

      In the past the Belgian IMEC sold the core know how with mainly the IBIS sensor to Fillfactory. Then they were bought by Cypress. Some guys with "Column ADC Ideas" founded CMOSIS. AMS bought them last year. And the Cypress team with the GS know-how and the "multiplexin ADCs" were bought from On Semi.
      For MV now, only a few sensor suppliers left. It is tricky for us as a camera manufacture to offer a broad range of different sensors. Sony and On Semi are the big players today, hard for smaller companies to get successful into the market.

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  2. Dear Dana,
    All the companies your talking about are all supported with VC, hence logically those VC's want some return for their investment. In the past it were the big American players buying these European start-ups. But recently CMOSIS was acquired by AMS, still keeping their identity and European roots. There are still smaller companies like Pyxalis and Caeleste who manages to play a prominent role in the specialty market. Those companies most of the times haven't this VC support and grow much slower than the other companies but manages to sell their name and products into the market.
    I would say this will be a good opportunity for the other 'smaller' companies now to grow their business.

    Dirk Van Aken

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    1. There was no VC investment in Photobit. Just strategic partners like Kodak, Basler, Gentex, Intel and Hitachi.

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  3. Has someone made a genealogy/history tree of image sensor companies?
    Would be interesting to have an open source, wiki style, site for these kinds of historical events.

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    1. Sorry Eric, I was pointing to the Belgian companies only.

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