Raymarine‘s directors announced on Friday evening that they had reached a deal to sell the entire business operations of the company, after a day of much speculation and negotiation.

Shortly after the marine electronics firm entered administration, the sale to FLIR Systems was completed, valuing the company at $180m (£124m) including debt and pipping a last-minute offer from sat-nav manufacturers Garmin.

FLIR are one of the world leaders in thermal image technology, which it uses for tasks, such as search and rescue and border patrol.

Earl Lewis, chairman, CEO and president of FLIR, said: ‘We are pleased to announce this strategically compelling transaction.

‘Raymarine is a leading brand in the industry and has an outstanding reputation for high quality marine electronics equipment.

‘When fully integrated, we expect to have a significant marine electronics business as part of our commercial systems business.’

Raymarine shareholders should receive 20 pence per share before costs and creditor claims, which is expected to result in approximately 17.5 pence per share, although the precise amount will not be confirmed until creditor claims have been advertised.

The transaction ensures business as usual for Raymarine’s customers and suppliers, although an application has been made to remove Raymarine’s listing from the London Stock Exchange, with shareholders to be contacted about their position.

Earlier in the day, before entering administration, Raymarine said that an unnamed company ‘would be willing to enter into a transaction with the administrator to acquire Raymarine Holdings Limited for a consideration that is likely to equate to approximately 17.5 pence per Raymarine share’.