[CNBC] Industrial conglomerate Teledyne Technologies said on Monday it will acquire thermal imaging camera supplier FLIR Systems in an $8 billion cash-and-stock deal to beef up its portfolio of imaging sensor technology.

FLIR shareholders will receive $28 in cash and 0.0718 shares of Teledyne common stock for each share held, the companies said.

That implies a purchase price of $56.14 based on Teledyne’s last close, and represents a premium of 28.1% for FLIR shareholders to the stock’s Thursday close.

Teledyne and FLIR sell cameras and sensor systems.

“Our technologies and products are uniquely complementary with minimal overlap, having imaging sensors based on different semiconductor technologies for different wavelengths,” Teledyne Executive Chairman Robert Mehrabian said.

The deal is expected to close in the middle of 2021 and add to Teledyne earnings in the first full calendar year after the acquisition.

FLIR shares jumped 25.4% to $54.39 in premarket trading on Monday.

Evercore acted as financial adviser to Teledyne and Goldman Sachs & Co LLC advised FLIR.