ASEI American Science And Engineering, Inc.

OSI Systems Inc. said Tuesday it would acquire American Science & Engineering Inc. for $269 million in cash, as it moves to advance its technology and expand its customer base.

American Science & Engineering designs and supplies X-ray technology that inspects cargo, packages and people.

OSI, which is a technology provider to homeland security and other markets, said it would pay $37 a share to buy American Science & Engineering, financed with a mixture of cash and credit. That is a premium of 14% to Monday's closing price.

OSI Chief Executive Deepak Chopra said the company's largest acquisition to date fits well into its expansion strategy, with American Science & Engineering's backscatter X-ray technology, products and network complementing its existing operations.

OSI said the companies expect to save $18 million before taxes in the first two years after the deal closes, which is expected during OSI's fiscal second quarter ending Dec. 31.

American Science & Engineering shares rose 14% in early trading Tuesday to $36.83. Still, the stock is down 18% in the past 12 months.

OSI stock rose 5.7% to $55.69, and has fallen 24% in the past 12 months.

Write to Brittney Laryea at brittney.laryea@wsj.com

(END) Dow Jones Newswires

June 21, 2016 10:35 ET (14:35 GMT)

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