PORTLAND, Ore.—FLIR Systems Inc., a provider of thermal imaging and infrared camera systems, has entered in an agreement to buy ICx Technologies Inc., a maker of advanced sensor technologies for homeland security, force protection and commercial applications, for $274 million in cash.
Portland-based FLIR is offering $7.55 per share in cash for ICx, which is based in Arlington, Va.
ICx said Wexford Capital LP and its funds have agreed to tender 62 percent of ICx’s outstanding shares to FLIR’s offer. The company had a cash balance of $38 million at the end of June.
According to FLIR, the deal expands its capabilities into advanced sensors for chemical, biological, radiological, nuclear, and explosives (CBNRE) detection for defense and homeland security markets.
“The transaction presents an attractive opportunity to add ICx’s market leading CBRNE technologies to FLIR’s product portfolio and leverage FLIR’s global infrastructure to reduce costs and drive growth. We look forward to welcoming ICx’s employees to FLIR,” says Earl Lewis, president and CEO of FLIR.
