Teledyne Technologies Inc. announced that it has entered into an agreement to acquire select aerospace and defense electronics businesses from Excelitas Technologies Corp. for $710 million in cash. The acquisition includes the Optical Systems (OS) business known under the Qioptiq® brand based in Northern Wales, U.K., as well as the U.S.-based advanced electronic systems (AES) business.

The U.K.-based OS business provides advanced optics for heads-up and helmet-mounted displays, dismounted tactical night vision systems and proprietary glass used in space and satellite applications. In the U.S., the AES business provides custom energetics, including electronic safe & arm devices, high-voltage semiconductor switches and rubidium frequency standards for defense and space applications.

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"We are excited to announce this pending acquisition, which will bring us new technology in markets well-understood by Teledyne. Our respective products are highly complementary and not competitive, and we generally serve customers in complementary geographies," said Robert Mehrabian, executive chairman. "We look forward to welcoming these businesses and their employees to Teledyne."

"We will be pleased to add these businesses to our aerospace and defense electronics segment, which has performed exceptionally well in recent years," said George Bobb, president and chief operating officer. "Furthermore, we believe the businesses' operations, personnel and culture are very compatible with our U.S. and U.K. defense electronics organizations."

"We are excited about the new opportunities this acquisition will bring and look forward to a seamless integration that will benefit our customers, employees and Teledyne stakeholders," said Doug Benner, EVP Excelitas and president defense and aerospace segment. "Our journey providing electro-optical solutions designed to keep troops and high-value assets safe continues with an industry leader."

The transaction is anticipated to be completed in early 2025 and is subject to customary closing conditions, including regulatory approvals. Teledyne management expects the transaction to be accretive to GAAP and non-GAAP earnings per share, excluding transaction costs.

Evercore and Harris Williams are acting as financial advisors, and Fried, Frank, Harris, Shriver & Jacobson LLP is acting as legal advisor to Excelitas in connection with the transaction. McGuireWoods LLP is acting as legal advisor to Teledyne.