Teledyne Technologies Inc. has reached an agreement to acquire systems manufacturer e2v technologies plc.
The Thousand Oaks aerospace, marine and energy firm will purchase e2v for roughly $790 million, including stock options and net debt. Under the terms of the agreement, e2v shareholders will receive cash payments of roughly $3.50 a share. The acquisition is expected to close in the first half of 2017.
“We have followed e2v for more than a decade. Over time, our businesses have become increasingly aligned,” Teledyne Chief Executive Robert Mehrabian said in a prepared statement. “e2v’s broader product portfolio enhances our offerings and channels to the market.”
Headquartered in the United Kingdom, e2v builds image sensors, radio frequency subsystems and semiconductors for the space science, health care, defense and aerospace industries.
The stock of Teledyne fell $1.01, or less than a percent, on Monday to close at $126.39 on the New York Stock Exchange.