Teledyne Completes Acquisition of Intelek plc
Teledyne Technologies Inc. announced that it has completed the acquisition of Intelek plc. Teledyne was the beneficial owner of, or had received valid acceptances in respect of approximately 93 percent of Intelek’s ordinary shares. Teledyne declared its offer to Intelek shareholders wholly unconditional, as all closing conditions of its offer had been satisfied or waived. Under the terms of the offer, Intelek’s ordinary shareholders will receive 32 pence in cash for each Intelek Share valuing the entire existing issued ordinary share capital of Intelek at approximately £28 M.
Intelek is a group of companies that primarily designs and manufactures electronic systems for satellite and microwave communication. Through its Paradise Datacom division, headquartered in State College, PA, Intelek designs and manufactures satellite modems, transceivers, block up-converters, solid state power amplifiers, low noise amplifiers and associated equipment for the terrestrial segment of the satellite communications market. Intelek’s Labtech division is a manufacturer of microwave circuits and components primarily for the defense electronics, global telecommunications, space and satellite communications markets. Intelek’s CML Group division manufactures precision machined and composite aerostructures for military and commercial aircraft. Following the acquisition, the three divisions will change their names to Teledyne Paradise Datacom, Teledyne Labtech and Teledyne CML Group.
The aggregate value for the transaction will be approximately £35 M (or approximately $52 M) taking into account Intelek’s stock options, net debt and pension deficit as of March 31, 2010. For the year ended March 31, 2010, Intelek had sales of approximately £38 M.