L-1 Enters 2 Acquisition Agreements
L-1 Identity Solutions,
Robert V. LaPenta, chairman, president and chief executive officer of L-1 Identity Solutions, said, “I am extremely proud of L-1’s accomplishments in the development of multi-modal biometric technologies and the role we have played in helping establish the identity management market over the last four years. A lot has changed since we started, and today the industry has grown significantly. It is at an important inflection point where a strong global infrastructure, greater scale and reach, larger investments in R&D and increased resources from human capital to cash, are a necessity in order to position optimally for the opportunities of tomorrow.”
Under the terms of the agreement, Safran agreed to acquire L-1 Identity Solutions Inc. following the sale of L-1’s intelligence services businesses to BAE Systems Inc., the U.K.-based company. After giving effect to the BAE Systems transaction, L-1 will be comprised of Secure Credentialing Solutions, Biometric and Enterprise Access Solutions and Enrollment Services. Upon close of the transaction, Safran plans to integrate L-1’s operations into its subsidiary, Morpho.
L-1 believes that the Safran acquisition will bring to the businesses an immediate global infrastructure, greater scale and reach, the capacity for larger investments in research and development and increased resources to accelerate growth and expand into new global markets.
In connection with the Safran transaction, BAE Systems Inc.
It is anticipated that the acquisition will give the L-1 intelligence services team greater depth of resources, access to a wider group of customers and the opportunity to compete in larger and more multi-faceted programs.
Goldman, Sachs & Co. and Stone Key Partners LLC are financial advisors to L-1 in connection with the transactions. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel to L-1 in connection with the transactions.