Teledyne Technologies enters credit agreement to fund e2v acquisition

By Tali Rackner

Norfolk, Va., Dec. 12 – Teledyne Technologies Inc. entered into a credit agreement with administrative agent Bank of America, NA to provide funds in connection with its acquisition of e2v technologies plc, according to a Monday press release.

Bank of America Merrill Lynch is the bookrunner.

The companies reached an agreement on the terms of a recommended cash acquisition to be made by Teledyne for the ordinary share capital of e2v via a scheme of arrangement.

“Under the terms of the offer, e2v’s ordinary shareholders will receive 275 pence in cash for each e2v share valuing the entire issued and to be issued ordinary share capital of e2v at approximately £620 million on a fully diluted basis,” the release said.

The acquisition is expected to be completed in the first half of 2017.

Teledyne is a Thousand Oaks, Calif.-based industrial conglomerate. e2v is a Chelmsford, England-based developer and manufacturer of high technology components and sub-systems.

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