FLIR Systems acquires Raymarine

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.

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