Boating Industry Intelligence You Can Profit From
LONDON – FLIR Systems has entered into a definitive agreement with the administrator of Raymarine PLC to acquire all outstanding shares of its wholly owned subsidiary, Raymarine Holdings Limited, FLIR said in a recent release.
The acquisition represents the entire business operations of Raymarine and its subsidiaries. The transaction value of approximately $180 million includes repayment of all of Raymarine’s indebtedness and approximately $24 million in proceeds to Raymarine plc.
“We are pleased to announce this strategically compelling transaction,” 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 said it anticipates the transaction will be neutral to 2010 earnings, excluding one-time charges, and grow earnings in subsequent years.
- Can’t get enough boating news? Subscribe to our blog’s RSS feed, follow us on Twitter or look for “Boating Industry” on Facebook and LinkedIn.
- For more of the latest news, click here.