Teledyne to buy offshore oil equipment maker for $171M
Thousand Oaks-based industrial conglomerate Teledyne Technologies is buying Bolt Technology Corp., a maker of offshore oil exploration equipment, in an all-cash deal valued at $171 million.
Teledyne said Sept. 3 that it will pay $22 per share to buy the Connecticut manufacturer.
Bolt makes and supplies marine seismic energy products and replacement parts for offshore energy exploration, Teledyne said. The company makes underwater cables and connectors, electronic controllers, monitoring systems and other auxiliary equipment for oil exploration.
Through its SeaBotix business, Bolt also makes miniature underwater remotely operated vehicles, or Mini ROVs, which are used in maritime security, search and rescue, aquaculture and scientific research applications.
“Bolt will broaden our rich portfolio of marine instrumentation with a number of highly complementary products,” Teledyne CEO, President and Chairman Robert Mehrabian said in a statement. “Bolt’s geophysical acoustic sources will fit well with our existing hydrophone arrays, which listen for the echoes from these sound sources. Bolt would also bring unique connector technology, products and customers to our subsea interconnect businesses. Finally, SeaBotix expands our marine systems business by adding inspection-class ROVs to our autonomous underwater vehicles while also providing more platforms to use our extensive line of marine sensors.”
The boards of both firms have already agreed to the deal, Teledyne said, and Bolt’s directors and executive officers have pledged to vote their shares in favor of the transaction.
Taking into account Bolt’s stock options and net cash as of March 31, the deal is valued at $171 million, Teledyne said.