Teledyne Technologies (NYSE:TDY) has successfully completed the acquisition of Micropac Industries (OTC:MPAD) through an all-cash transaction valued at approximately $57.3 million, including Micropac's net debt as of August 24, 2024. Under the merger agreement, Micropac stockholders received $20.00 per share in cash.
Micropac, established in 1963, specializes in designing and manufacturing microelectronic circuits, optoelectronic components, and sensor and display assemblies, primarily serving military, aerospace, and medical sectors. The company will maintain its brand name and continue operations from its new facility in Garland, Texas, while leveraging Teledyne's market reach and technical capabilities.
Teledyne Technologies (NYSE:TDY) announced an agreement to acquire Micropac Industries (OTC:MPAD) for $20.00 per share in an all-cash transaction valued at approximately $57.3 million. Founded in 1963, Micropac designs and manufactures microelectronic circuits, optoelectronic components, and sensor and display assemblies for military, aerospace, and medical applications. The transaction, unanimously approved by both companies' boards, is expected to close by the end of 2024. Stockholders holding approximately 75% of Micropac's shares have already approved the merger agreement.