Mergers and Acquistions News
Categories: Hardware
September 20th 2010, 16:41PM
BAE Systems, the British defence company, and Safran, a French aerospace developer, have agreed to split L-1 Identity Solutions, a US biometric products maker.
Under the agreement BAE will acquire L-1's intelligence services operations, which include SpecTal LLC, Advanced Concepts Inc, and McClendon LLC, for $295,833,000 (£189.3 million).
Safran will acquire L-1's biometrics and identity businesses for $1.09 billion (£697.7 million), a source familiar with the situation told Reuters.
The acquisition will allow BAE to extend its reach farther into the US defence sector.
"The acquisition of SpecTal, LLC, Advanced Concepts, Inc., and McClendon, LLC will significantly advance our offerings to the US intelligence community. Their capabilities will enhance BAE Systems' existing knowledge and expertise and will better position us to offer our government customers the security and intelligence support they need to complete their missions, now and in the future," said Linda Hudson, president and chief executive officer of BAE.
Over 1,000 employees of SpecTal, Advanced Concepts and McClendon will join BAE as a result of the deal.
The acquisition is expected to complete in the fourth quarter of 2010.
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