Teledyne makes $57.3M purchase
Thousand Oaks-based Teledyne Technologies has acquired Mircopac Industries, a manufacturer of microelectronic circuits and sensors for military, aerospace and medical applications.
Teledyne purchased the Texas-based company for $20 per share in an all-cash transaction valued at approximately $57.3 million taking into account Micropac’s net debt as of Aug. 24, the company announced Nov. 4.
“We will be delighted to welcome Micropac and its employees to the Teledyne family,” said Robert Mehrabian, executive chairman of Teledyne.
“Micropac’s products are complementary to our own, and we serve common customers in defense, space and healthcare markets.”
Approved unanimously by both companies’ board of directors, the acquisition is expected to close by the end of 2024.
Stockholders holding approximately 75% of Micropac’s shares have already approved the merger agreement.
“Micropac is proud to be joining Teledyne, and we view the combination as a natural next step in Micropac’s evolution,” Mark King, chairman, president and CEO of Micropac, said in a press release.
“We are looking forward to leveraging Teledyne’s additional market reach and technical capabilities, while maintaining the Micropac name and continuing to operate from our new state-of-the-art facility in Garland, Texas.”
Mesirow Financial, Inc. is acting as financial advisor to Micropac, and Haynes and Boone, LLP is serving as legal counsel to Micropac. McGuireWoods LLP is serving as legal counsel to Teledyne.
