Teledyne to acquire select aerospace, defense electronics units from Excelitas

Teledyne (TDY) Technologies announced that it has entered into an agreement to acquire select aerospace and defense electronics businesses from Excelitas Technologies for $710M in cash. The acquisition includes the Optical Systems business known under the Qioptiq brand based in Northern Wales, UK, as well as the U.S.-based Advanced Electronic Systems business. The transaction is anticipated to be completed in early 2025 and is subject to customary closing conditions, including regulatory approvals. Teledyne management expects the transaction to be accretive to GAAP and non-GAAP earnings per share, excluding transaction costs.