In an all-cash deal valued at more than $57 million, Garland’s Micropac Industries Inc. and California-based Teledyne Technologies Inc. have completed a previously announced merger of Micropac with a wholly owned subsidiary of Teledyne.
Under the terms of the agreement, which was announced in early November, Micropac becomes a wholly owned Teledyne subsidiary. The North Texas company retains the Micropac name and will continue operating from its facility in Garland, it said.
Teledyne acquired all the issued and outstanding shares of Micropac for $20 per share payable in cash, without interest and subject to required withholding taxes, the companies said.
That valued Micropac at about $57.3 million, taking into account Micropac’s net debt as of August 24, 2024.
Founded in 1963, Micropac is a diversified high-technology company that designs and manufactures microelectronic circuits, optoelectronic components, and power products, mainly for military, aerospace, and medical applications. It develops and manufactures complete custom designs to meet specific customer applications and requirements.
Teledyne, based in Thousand Oaks, California, is a provider of sophisticated digital imaging products and software, aerospace and defense electronics, instrumentation, and engineered systems.
In October it reported third-quarter 2024 net sales of $1.44 billion, beating consensus estimates.
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