FLIR Systems Completes Acquisition of Lorex Technology for $60 Million
PORTLAND, OR, December 20, 2012 -- FLIR Systems, Inc. (NASDAQ: FLIR) announced today that it has successfully completed its previously announced acquisition of Lorex Technology Inc. for $1.32 per share, representing an aggregate purchase price of $60 million. On October 25, 2012, FLIR announced it had entered into an agreement to acquire Lorex subject to certain conditions. The transaction was completed by a FLIR subsidiary purchasing all the outstanding shares of Lorex followed by the amalgamation of that purchasing subsidiary with Lorex, resulting in Lorex becoming a wholly-owned subsidiary of FLIR.
The acquisition was completed upon receipt of final court approval from the Ontario Superior Court of Justice (Commercial List) of the proposed plan of arrangement. The plan of arrangement was approved by Lorex’s shareholders at the special meeting of shareholders held on December 13, 2012.
Lorex, based in Markham, Ontario, is a pioneer in home security video surveillance systems that can be installed by the user as well as a provider of video surveillance products to security system integrators. Lorex provides homes and businesses bundled video surveillance systems and equipment that includes connected visible light video cameras, illuminated infrared cameras, digital video recorders, video monitors, baby monitors, and wearable action sports cameras. The company sells its solutions through retailers such as Costco, BJ's Wholesale, Amazon.com, and BestBuy.com, as well as through distributors of large-scale security solutions.
“Adding Lorex will complement our product and distribution capabilities in our existing security markets,” said Earl Lewis, President and CEO of FLIR. “Additionally, we believe the business will provide us an opportunity to expand our reach into several new markets as we continue our strategy of lowering the cost to own thermal technology.”
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