California-based Teledyne Technologies Incorporated (NYSE: TDY) completes the previously announced merger of Micropac Industries, Inc. (OTC: MPAD) with a wholly-owned subsidiary of Teledyne.
As per the terms of the merger agreement, Micropac stockholders received $20.00 per share in cash without interest and subject to required withholding taxes. The all-cash transaction valued Micropac at approximately $57.3 million, taking into account Micropac’s net debt as of August 24, 2024.
Micropac, founded in 1963, designs and manufactures microelectronic circuits, optoelectronic components, and sensor and display assemblies, primarily for military, aerospace, and medical applications.
“We are delighted to welcome Micropac and its employees to the Teledyne family,” said Robert Mehrabian, Executive Chairman of Teledyne. “Likewise, Micropac is proud to join Teledyne, and we look forward to leveraging Teledyne’s additional market reach and technical capabilities, while maintaining the Micropac name and continuing to operate from our new state-of-the-art facility in Garland, Texas,” said Mark King, Chairman, President and Chief Executive Officer of Micropac.
