Teledyne Technologies Inc. has signed a $336 million deal to buy Canada’s Dalsa Corp., a maker of high performance digital imaging and semiconductor products.
The Thousand Oaks maker of electronic components and subsystems said it will pay stockholders of the Waterloo, Ontario firm $17.99 a share in U.S. dollars, a 26 percent premium over the company’s Tuesday closing price on the Toronto Stock Exchange. The deal is expected to close in February.
“The combined strengths of Teledyne’s and Dalsa’s leading imaging technologies will allow us to develop new infrared and visible light products that serve our respective markets and customers,” said Chief Executive Robert Mehrabian in a statement.
This is Teledyne’s second deal this month as it tries to focus on core businesses and become a more pure-play electronics, instrumentation and engineering firm. The company last week sold its general aviation piston engine business to Chinese group AVIC International for $186 million.
Shares were up 18 cents, or less than 1 percent, to $44.33 in midday trading on the New York Stock Exchange.