Teledyne Technologies Inc. announced Monday it will acquire Flir Systems Inc. in a cash and stock deal valued at $8 billion.

The Thousand Oaks aerospace, marine and digital imaging products manufacturer will pay $56 a share for Flir stock, a 19 percent premium to its closing price on Dec. 31.


Flir in Arlington, Va. develops cameras and sensors used in military, industrial, automotive, marine and public safety applications.


Teledyne Executive Chairman Robert Mehrabian said that while the companies respective business models are similar, their products are complementary with minimal overlap, having imaging sensors based on different semiconductor technologies.


“For two decades, Teledyne has demonstrated its ability to compound earnings and cash flow consistently and predictably,” Mehrabian said in a statement. “Together with Flir and an optimized capital structure, I am confident we shall continue delivering superior returns to our stockholders.”


Jim Cannon, chief executive of Flir, said that the company was excited about the transaction.


“Together, we will offer a uniquely complementary end-to-end portfolio of sensory technologies for all key domains and applications across a well-balanced, global customer base,” Cannon said in a statement.


Shares of Teledyne (TDY) closed Monday down $29.59, or nearly 7.6 percent, to $362.39 on the New York Stock Exchange.