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Teledyne (TDY) To Buy Oscilloscopes Maker Lecroy (LCRY) At 56 Pct Premium

 May 29, 2012 08:00 AM

(By Balachander) Teledyne Technologies Inc. (NYSE:TDY) is boosting its presence in the analytical instrumentation businesses through the acquisition of LeCroy Corp. (NASDAQ:LCRY) for around $291 million, or $14.30 per share, in cash.

The deal represents a premium of 56.5 percent to LCRY's previous closing price.

The transaction is expected to add new products such as signal generators and multi-function instruments, combining Teledyne's microwave and mixed signal design products with LeCroy's signal processing systems.

[Related -Teledyne (TDY) Receives Commercial Laboratory Services Contract from Dow Chemical (DOW)]

Chestnut Ridge, New York-based LeCroy develops oscilloscopes and communication protocol analyzers used in verifying complex electronic signals as well as monitoring traffic and diagnose operational problems in various communications devices.

Thousand Oaks, California-based Teledyne sees potential for LeCroy to provide an ideal commercial outlet for its Indium Phosphide (InP) process technology and ultra high frequency mixed signal design capabilities.

LeCroy said Teledyne can help accelerate its high-end oscilloscope programs to deliver real-time bandwidth well beyond 100GHz by using InP technology. LeCroy, which employs about 500 staff globally, had annual sales of roughly $178 million.

TDY shares closed at $59.84 on Friday, while LCRY stock ended at $9.14.

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