Teledyne completes $58M takeover of Micropac
Thousand Oaks-based Teledyne Technologies completed its acquisition of Micropac Industries on Dec. 30.
The all-cash transaction valued Micropac at approximately $57.3 million, taking into account Micropac’s net debt as of Aug. 24.
Under the merger agreement’s terms, Micropac stockholders received $20 per share in cash.
“We are delighted to welcome Micropac and its employees to the Teledyne family,” Teledyne’s Executive Chairman Robert Mehrabian said in a press release.
“Likewise, Micropac is proud to join Teledyne, and we look 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,” President and CEO of Micropac Mark King said in a press release.
Micropac, founded in 1963, designs and manufactures microelectronic circuits, optoelectronic components, and sensor and display assemblies, primarily for military, aerospace, and medical applications.
First announced in November, Mehrabian said the acquisition of Micropac and its products are “complementary to our own, and we serve common customers in defense, space and healthcare markets.”
Mesirow Financial acted as financial advisor to Micropac, and Haynes and Boone, LLP served as legal counsel. McGuireWoods LLP served as legal counsel to Teledyne.
Teledyne will also be looking to close another acquisition soon.
The company will be bolstering its aerospace and defense electronics business after it acquired select businesses in those areas from Excelitas Technologies Corp. for $710 million in cash.
According to the company, the transaction is anticipated to be completed in early 2025.
