FLIR Systems acquires Raymarine

FLIR Systems announced today it has entered into a definitive agreement with the administrator of Raymarine plc to acquire all of the outstanding shares of its wholly owned subsidiary, Raymarine Holdings Limited.

The transaction value of approximately $180 million includes repayment of all of Raymarine's indebtedness and approximately $24 million in proceeds to Raymarine plc, which is equivalent to 20 pence per ordinary share.

The acquisition represents the entire business operations of Raymarine and its subsidiaries.

"We are pleased to announce this strategically compelling transaction," said Earl Lewis, president and CEO of FLIR, in a statement. "Raymarine is a leading brand in the industry and has an outstanding reputation for high-quality marine electronics equipment. When fully integrated, we expect to have a significant marine electronics business as part of our commercial systems business. I welcome Raymarine's employees to FLIR."

FLIR anticipates this transaction will be neutral to 2010 earnings, excluding one-time charges, and accretive in subsequent years.