Private equity investor Advent International has entered into exclusive negotiations with Safran to acquire Safran Identity & Security (Safran I&S), a specialist in identity and security solutions.
Advent has made a firm and irrevocable offer of EUR2.425 billion for Safran I&S. Bpifrance will invest alongside Advent International.
Safran I&S develops technologies for the public and private sectors globally, including identity management, secure transactions and public security solutions. The company’s technologies are used for a wide range of markets and applications, including production and personalisation of secure ID documents and systems, and biometry-based identification systems. Safran I&S employs 7,800 people in more than 50 countries and generated revenue of EUR1.6 billion in 2015.
As the majority shareholder of Oberthur Technologies (OT), Advent International intends to bring together the complementary strengths of Safran I&S and OT to create a global leader in identification and security, based in France, with over EUR2.8 billion in revenue. By combining Safran I&S’s end-to-end biometric and identity solutions with OT’s leadership in the digital embedded security market, the two companies will be positioned to accelerate the convergence between governmental and commercial markets.
The proposed transaction is subject to customary approvals, such as the completion of the consultation process with the workers’ councils, the signing of a definitive agreement and antitrust and regulatory clearance.
