FLIR Lays Down $180M For Insolvent Raymarine

Law360, New York (May 14, 2010, 4:48 PM EDT) -- Thermal imaging company FLIR Systems Inc. has plucked a unit of Raymarine PLC out of administration for roughly $180 million, which includes repayment of the company's debt plus about 20 pence (29 cents) per share to stockholders.

Despite interest from FLIR and navigation systems maker Garmin Ltd., Raymarine's board of directors was unable to complete a solvent sale of the unit, Raymarine Holdings Ltd., and it was placed in a U.K. administration early Friday. But the sale to FLIR was successfully transacted shortly thereafter.

The sale...
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