Teledyne Technologies Inc. [TDY] on Tuesday said it remains on track to close its $8 billion acquisition of FLIR Systems Inc. [FLIR] after clearing a federal antitrust review and achieving financial milestones.
The pending transaction cleared the Federal Trade Commission’s Hart-Scott-Rodino review on March 1 but is subject to additional regulatory and shareholder approvals, Teledyne said.
The company has also priced an offering of $3 billion in notes and entered into a $1 billion credit agreement. Teledyne plans to used the proceeds from the notes and term loan to pay the cash portion of the acquisition and refinance some debt.
Teledyne in early January announced its agreement to acquire FLIR in a cash and stock deal that will add a wide range of new sensor technologies in aerospace, defense, commercial and industrial markets and also provide it with unmanned systems in air and ground applications.
Teledyne had $3.1 billion in sales in 2020 and FLIR just over $1.9 billion.