FLIR makes $274M deal for advanced sensor maker
Acquisition ICx Technologies bolsters homeland and defense business
- By David Hubler
- Aug 16, 2010
FLIR Systems Inc. is acquiring ICx Technologies Inc. for $274 million to pick up more sensor technology for homeland security, force protection and commercial uses.
The company announced on Monday a cash tender offer of $7.55 a share.
FLIR is a designer and manufacturer of thermal imaging and stabilized camera systems for a wide variety of thermography and imaging applications.
Upon completion of the transaction, which is expected by the end of the year, ICx will become a unit of FLIR government systems division, which makes imaging products for the military and accounts for more than half of its overall revenue, according to the Reuters news agency.
The acquisition follows a $775 million buyout of ICx’s rival Argon ST Inc. by aerospace giant Boeing Co. in late June.
ICx’s board of directors has unanimously approved the merger agreement and has resolved to recommend that ICx’s stockholders tender their shares in connection with the offer, a company statement said.
In addition, certain affiliates of Wexford Capital LP have agreed to tender 62 percent of ICx’s outstanding shares in the tender offer, subject to the ICx board’s continued recommendation of the transaction.
ICx can consider unsolicited acquisition proposals but to terminate the agreement with FLIR it would have to pay $8.2 million.
David Hubler is the former print managing editor for GCN and senior editor for Washington Technology. He is freelance writer living in Annandale, Va.