Thermal camera giant FLIR Systems is buying ICx Technologies Inc. www.icxt.com, a developer of advanced sensor systems for homeland security and private needs, for $274 million, or $7.55 per share. That’s just a bit below what ICx has been recently traded at.
The acquisition expands FLIR’s capabilities into chemical, biological, radiological, nuclear, and explosives (CBNRE) detection for defense and homeland security markets. The acquisition also enhances FLIR’s existing intelligence surveillance and reconnaissance product suite through the addition of ICx’s advanced radars and integrated platforms, FLR said in a statement.
Flir stock dropped about half a point, to about $26.10 by Friday afternoon.
Upon closing of the transaction, ICx’s operations will be integrated into FLIR’s Government Systems Division.
For the twelve months ended June 30, 2010, ICx reported revenue of approximately $168 million. The transaction is expected to close in the fourth quarter 2010 subject to conditions.
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