M&A · Tech · Search, Detection, Navigation, Guidance, Aeronautical Sys
Teledyne Technologies Inc to acquire FLIR Systems Inc
Announced Jan 4, 2021 · Closed May 14, 2021
Deal value$8.00BEV $7.82B
Premium35.0%To unaffected price
EV / Adj. EBITDA17.2x4.1x EV / Revenue
ConsiderationCash and stock$56.00 per share
Transaction
- Acquirer
- Teledyne Technologies Inc (TDY)
- Target
- FLIR Systems Inc (FLIR)
- Buyer type
- Strategic
- Offer price per share
- $56.00
- Enterprise value
- $7.82B
- Status
- Closed May 14, 2021
Deal protections
- Break fee (target pays)
- $250M · 3.1%
- Reverse fee (buyer pays)
- $250M · 3.1%
- Go-shop
- No-shop
- Financing
- Committed · BofA Securities
Advisors
- To the acquirer
- Evercore
- To the target
- Goldman Sachs
- Evercore fee
- $5.0M
Sector context · Tech
- Comparable deals
- 12 in the prior 24 months
- Premium
- 35.0% vs. 22.0% sector median
- EV / Adj. EBITDA
- 17.2x vs. 20.0x sector median
- Break fee
- 3.1% vs. 2.8% sector median
Timeline
- AnnouncedJan 4, 2021
- Proxy filedApr 12, 2021
- Definitive proxyApr 12, 2021
- Shareholder voteMay 13, 2021
- ClosedMay 14, 2021
Valuation · fairness opinions
Discounted cash flowEvercore$48.51$69.90
Discounted cash flowEvercore$53.51$74.90
Trading comparablesEvercore$42.65$71.63
Trading comparablesEvercore$50.91$69.53
Precedent transactionsEvercore$33.66$68.30
Discounted cash flowGoldman Sachs$53.00$72.00
Future share priceGoldman Sachs$39.00$49.00
Future share priceGoldman Sachs$41.00$52.00
Future share priceGoldman Sachs$47.00$58.00
Future share priceGoldman Sachs$53.00$65.00
Offer $56.00
Implied value per FLIR Systems Inc share by analysis, from Evercore and Goldman Sachs · DCF discount rate 8.5%–9.5%.