Teledyne Technologies has announced that it received antitrust clearance for the pending acquisition of FLIR Systems, from regulatory authorities in Canada and Germany.
On Wednesday, March 31, Teledyne received a No-Action Letter regarding the proposed acquisition from the Competition Bureau of the Government of Canada. After that Teledyne received a clearance letter from the Federal Cartel Office of Germany. Having received the No-Action Letter and clearance letter, Teledyne has now obtained antitrust clearance from the respective regulatory authorities in Canada and Germany.
Previously, Teledyne obtained antitrust clearance in the US on March 1, 2021, when termination of the waiting period under the Hart-Scott-Rodino (“HSR”) Antitrust Improvements Act of 1976 occurred. Subject to the receipt of additional required regulatory approvals in Poland, Turkey, China, and South Korea, the transaction is expected to close in the second quarter of 2021.
In addition, all permanent financing for the pending acquisition was completed on March 22, 2021. Financing consisted of US$3.00 billion of investment-grade bonds due 2023 through 2031, as well as a US$1.00 billion Term Loan Credit Agreement and an Amended and Restated Credit Agreement with capacity of US$1.15 billion both maturing in 2026.
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