FLIR to Acquire Cedip Infrared Systems
FLIR Systems Inc. of Wilsonville, Ore., has agreed to buy a controlling interest in Cedip Infrared Systems of Croissy-Beauborg, France, a supplier of infrared cameras and stabilized systems. FLIR will purchase shares representing 67.8 percent of the share capital of Cedip, on a diluted basis, for a cash consideration of €19 per share or a total of €741.4 million. Following this purchase, FLIR will launch a mandatory Standing Market Offer by which it will undertake to buy Cedip’s remaining shares at the same price. If all outstanding shares are purchased by FLIR, the total consideration is expected to be €62.7 million.
With the acquisition, FLIR expects to improve its international distribution network and to bring new products and technology to market. Upon the closing of the transaction, FLIR will integrate Cedip’s infrared camera operations into its Thermography Div., and the Polytech subsidiary into its Government Systems Div.