Teledyne Technologies has agreed to buy specialty image sensor and semiconductor manufacturer e2v technologies plc (Chelmsford, England) for about £620 million in cash. For the year ended March 31, 2016, e2v had sales of approximately £236 million and under the terms of the deal e2v shareholders will receive 275 pence for each e2v share. The deal has been approved by both boards of directors and is expect to complete in the first half of 2017.
The company e2v was previously known as English Electric Valve, and for a time Marconi Applied Technologies and is one of the UK’s last electronics manufacturers.
For the machine vision market, e2v provides high performance image sensors and custom camera solutions and application specific standard products. In addition, e2v provides high performance space-qualified imaging sensors and arrays for space science and astronomy. e2v also produces components and subsystems that deliver high reliability radio frequency power generation for healthcare, industrial and defense applications. Finally, the company provides high reliability semiconductors and board-level solutions for use in aerospace, space and radio frequency communications applications.
Robert Mehrabian, CEO of Teledyne, said that e2v is well aligned with, and yet complementary to, Teledyne. “For example, we are both leaders in space and astronomy imaging, but Teledyne largely provides infrared detectors and e2v provides visible light sensors. While we both provide microwave devices, e2v’s largest product and market are magnetrons for cancer radiotherapy. Teledyne supplies solid state and vacuum microwave systems, but no magnetrons, and we primarily serve defense markets such as electronic warfare, radar and communications. However, e2V serves the healthcare market with specialized X-ray sensors,” Mehrabian said in a statement. “Teledyne has recognized the value inherent in our business and prospects by making a cash offer at an attractive premium to the share price,” said Neil Johnson, chairman of e2v, in the same statement.