Lidar makers Ouster and Velodyne have agreed to merge, combining roughly $400 million in market value.
Under the deal, signed on Friday, Velodyne shareholders will receive 0.8204 shares of Ouster for each Velodyne share they hold – a premium of about 7.8% based on Friday's closing prices for the two companies' stocks.
"We all knew that there is a need for consolidation in the market," Pacala told CNBC. "This is us actually going out and doing it." The companies have identified about $75 million in savings that can be realized in the first nine months after the transaction closes, he said. Velodyne was an early pioneer in automotive lidar, developing its first sensor in 2007. Its distinctive "puck" sensors were seen on most early autonomous-vehicle prototypes. But its early units, which cost $75,000 each and had delicate moving parts, were too expensive and fragile for use on mass-produced vehicles.
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