Teledyne Technologies Incorporated will acquire Waterloo, Ont.-based Dalsa Corporation for CAD $18.25 per share, subject to approvals and closing conditions. The aggregate value for the transaction is approximately CAD $341 million, taking into account Dalsa’s stock options and net cash as of September 30, 2010, the companies said in a joint announcement.
With approximately 1,000 employees worldwide, Dalsa designs, develops, manufactures and markets digital imaging products and solutions, in addition to manufacturing custom microelectromechanical systems (MEMS). Dalsa’s imaging products and services include high-resolution, high-performance CCD and CMOS imaging sensors, electronic digital cameras and image processing software for use in industrial machine vision, advanced medical imaging and high resolution aerial and satellite imagery.
Teledyne Technologies is a provider of electronic subsystems, instrumentation and communication products, engineered systems, aerospace engines, and energy and power generation systems. Teledyne Technologies’ operations are primarily located in the United States, the United Kingdom and Mexico.
"The combined strengths of Teledyne’s and Dalsa’s leading imaging technologies will allow us to develop new infrared and visible light products that serve our respective markets and customers," said Dr. Robert Mehrabian, chairman, president and CEO of Teledyne. "Furthermore, Dalsa’s custom MEMS capabilities will be augmented by having access to Teledyne’s extensive MEMS research activities and advanced process technologies."
"Being part of the Teledyne team will provide many opportunities for accelerated growth for Dalsa," said Brian Doody, CEO of Dalsa. "I am looking forward to working with my existing management and executive team, along with the Teledyne team, as we move forward together in the next stage of the company’s development. As envisioned in the agreement with Teledyne, our principal operations will continue to function in their existing locations. Moreover, Teledyne expects to continue to invest in our technology and business."
Dalsa and Teledyne expect that the transaction will close in February 2011.