Teledyne Technologies Inc. announced Wednesday it will acquire Bolt Technology Corp., a manufacturer of marine equipment used in energy exploration and other purposes, in a deal valued at $171 million.
Teledyne, in Thousand Oaks, will merge Bolt, of Norwalk, Conn., into one of its subsidiaries. It will acquire all outstanding shares of Bolt for $22 in cash.
Bolt makes marine seismic energy sources used in offshore oil and gas prospecting. It also makes underwater cables and connectors, monitoring systems and other auxiliary equipment. A Bolt subsidiary manufactures underwater remotely operated vehicles used in maritime security, search and rescue and scientific research.
Chief Executive Robert Mehrabian said the acquisition brings a host of complementary products to Teledyne’s product mix.
“Bolt’s geophysical acoustic sources will fit well with our existing hydrophone arrays, which listen for the echoes from these sound sources,” Mehrabian said in a prepared statement. “Bolt would also bring unique connector technology, products and customers to our subsea interconnect businesses.”