Cleary Gottlieb is representing Safran in an exclusive negotiation agreement for the sale of its identity and security activities (Safran I&S) to Advent International (owner of Oberthur Technologies) associated with Bpifrance.
The industrial project brings together Safran I&S, valued at €2.425 million, with Oberthur Technologies to create a leading player, strongly rooted in France and with combined revenues of €2.8 billion, in the domain of identity technologies. Its headquarters will remain in France, as will its leading R&D activities and key production capacities. The complementary nature of this combination with Oberthur Technologies was an essential criteria in the deal.
The transaction would bring to Safran I&S further capacity to meet customers’ requirements at a time when security in the digital world and emerging needs for public security are major challenges. Combining Safran I&S’ strengths with Oberthur Technologies would create a common, coherent and strong business that would benefit its employees.
Bpifrance will take a stake and join the board of directors.
The transaction will be submitted to the employee representative bodies and is subject to regulatory approval, notably in Europe and in the United States. The transaction is expected to close during 2017.