Flir Systems to acquire ICx

Flir Systems, a provider of infrared and thermal-imaging cameras, has announced that it has entered into a definitive merger agreement to acquire ICx Technologies, a provider of surveillance sensors, for an aggregate cash purchase price of approximately $274m (£176m).

Under the terms of the merger agreement, a subsidiary of Flir will commence a cash tender offer to purchase all of the outstanding shares of ICx common stock for $7.55 per share in cash and will acquire any ICx shares not purchased in the tender offer in a second-step merger at the same price per share paid in the tender offer.

Wexford Capital and its affiliates, which together own approximately 62 per cent of the outstanding shares of ICx common stock, have entered into a tender and support agreement whereby they have agreed to tender all of their shares in the tender offer, subject to the ICx Board of Directors’ continued recommendation of the transaction.