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Safran seals $1.9bn deal for biometric firm

first_img John Dunne whatsapp France’s Safran confirmed a $1.09bn (£696m) deal to buy L-1 Identity Solutions and its core biometric identity business in a move that will also see BAE Systems extend its reach in the United States.Safran, which makes aero engines, military goggles and security equipment, said shareholders would get $12 a share in cash in the deal which will see L-1 assets split between the two European buyers.The shake-up is the latest sign of mid-tier security and defence firms getting snapped up by traditional arms suppliers.As the top contractors face sharp cuts in defence budgets, they are steadily targeting smaller players with niche technologies in cybersecurity, surveillance and intelligence.In a carefully sequenced transaction which nets L-1 shareholders slightly more than the $11 or so per share expected by some analysts, L-1 first agreed to sell its government consulting services business to BAE Systems for $296m.The takeover, which has been backed by the boards of both companies, will see the French state-owned aerospace and defence company buy the whole of L-1 but keep only its core biometrics and identity businesses, which are spread across three units.L-1 said it expected the deals to close in the first quarter of 2011 and that its board had approved both the Safran merger and the BAE transaction.Regulators and L-1 shareholders must approve the deal.L-1 formed in 2006 through a merger of Viisage and Identix.The company placed itself up for sale in February but moved to split the deal into two parts given a distinction between its biometric identification and government consulting businesses.Safran, already a player in biometrics, led the race to buy most of L-1 including the biometrics and identification activities as it boosts its security activities.The French deal was contingent, however, on L-1 first lining up a definitive buyer for the government consulting business.BAE Systems has built up a presence through acquisitions as a leading player in the U.S. defence industry. Show Comments ▼ Safran seals $1.9bn deal for biometric firm whatsapp Sharecenter_img Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof Tags: NULL Monday 20 September 2010 3:45 am by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyThe Sports DropForgotten College Basketball Stars: Where Are They Now?The Sports Dropmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comFamilyMindedThe Most Common Astrology Questions People AskFamilyMindedOpulent ExpressHer Quadruplets Were Born Without A Hitch. Then Doctors Realized SomethingOpulent Expresslast_img read more