Flir To Buy Weapons Sensor Maker For $274M

Maker of thermal imaging and infrared camera systems said Monday it has agreed to buy ICx Technologies Inc. for $274 million in cash.

PORTLAND, Ore. (AP) -- Flir Systems Inc., which makes thermal imaging and infrared camera systems, on Monday said it had agreed to buy ICx Technologies Inc., a maker of chemical, biological, radiological, nuclear and explosives detectors, for $274 million in cash.

Portland-based Flir is offering $7.55 per share in cash for ICx, which is based in Arlington, Va.

ICx shares rose 79 cents, or 12 percent, to $7.54 in morning trading. Flir shares rose 25 cents to $27.21.

ICx said Wexford Capital LP and its funds have agreed to tender 62 percent of ICx's outstanding shares to Flir's offer. The company had a cash balance of $38 million at the end of June.

Flir said ICx's technologies will expand its surveillance and reconnaissance suite, and will be added to its Government Systems Division. It expects the deal to close on the fourth quarter.

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