Teledyne Technologies (TDY) and Micropac Industries on Monday announced a definitive merger agreement for Micropac to merge with a wholly-owned subsidiary of Teledyne.

Under the agreement, Teledyne will acquire all outstanding Micropac common shares for $20 per share in an all-cash transaction valued at nearly $57.3 million.

Micropac designs microelectronic circuits, optoelectronics, and sensor assemblies for military, aerospace, and medical sectors, the companies said.

The transaction, approved unanimously by both boards, is expected to close by year-end 2024, with about 75% of Micropac shareholders already endorsing the merger.

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