Adding to its already diversified portfolio of technology holdingsamong them, instrumentation, digital imaging products, and defense electronicsTeledyne Technologies has entered into a definitive agreement to acquire test and measurement house LeCroy Corp..

Per the agreement, Teledyne will acquire all of the outstanding common shares of LeCroy for $14.30 per share, payable in cash. The aggregate value for the transaction is approximately $291 million (taking into account LeCroy's stock options, stock appreciation rights, and net debt as of March 31, 2012). The transaction was unanimously approved by the boards of directors of both companies. In addition, LeCroy directors and executive officers (including Founder Walter LeCroy) have agreed to vote their shares in favor of the transaction.

Founded in 1964 and headquartered in Chestnut Ridge, NY, LeCroy has approximately 500 employees worldwide. For its fiscal year ended July 2, 2011, the company posted sales of approximately $178.1 million. Consistent with Teledyne's acquisition history, LeCroy is expected to continue operating under its current leadership team as a relatively autonomous entity.