FLIR Systems Buys Prox Dynamics For $134 Mln In Cash

(RTTNews) - FLIR Systems Inc. (FLIR) announced that it has acquired Prox Dynamics AS, a developer and manufacturer of nano-class unmanned aerial systems (UAS) for military and para-military intelligence, surveillance, and reconnaissance applications, for approximately $134 million in cash.

Based in Oslo, Norway and founded in 2007 by pioneers in nano helicopter technologies, Prox Dynamics develops, manufactures, and distributes aerial sensors that are revolutionarily small, light, and covert surveillance systems. Prox Dynamics' Personal Reconnaissance System (PRS) features their Black Hornet aerial sensor and a hand controller, a system that is pocket sized and hand-launched by a soldier in the field, enabling a significant advantage in situational awareness and mission planning.

The Black Hornet aerial sensor utilizes FLIR's Lepton micro thermal camera, visible spectrum cameras, advanced low-power rotor technology, and proprietary software for flight control, stabilization, and communications.

FLIR anticipates the business and related transaction costs will be about $0.01 dilutive to its 2016 earnings per share.