Teledyne Technologies Inc. [TDY] yesterday said it has agreed to acquire LeCroy Corp. [LCRY], a provider of test solutions used to measure, analyze and verify complex electronic signals used by design engineers in various industries.
Teledyne said it would pay $14.30 per share, or $291 million, for LeCroy, including debt. The boards of directors of both companies have approved the deal.
LeCroy makes oscilloscopes, protocol analyzers and signal integrity test solutions for the computer, semiconductor and consumer electronics, data storage, automotive and industrial, telecommunications, military and aerospace markets. The company expects to have sales of about $200 million in its current fiscal year, up from $178 million last year.
“LeCroy will broaden our portfolio of analytical instrumentation businesses by adding a leader in electronic test and measurement solutions,” Robert Mehrabian, Teledyne’s chairman, president and CEO, said in a statement. “Furthermore, I am excited about the potential for LeCroy to provide an ideal commercial outlet for our unique Indium Phosphide process technology and ultra high frequency mixed signal design capabilities developed at Teledyne Scientific Company, our R&D laboratories.”
New York-based LeCroy has 500 employees. Stifel Nicolaus Weisel is the financial adviser for LeCroy on the transaction. Teledyne’s financial adviser is Needham & Co.