Cleary Gottlieb is representing Thales in connection with the divestment of its General Purpose Hardware Security Module (GP HSM) business to Entrust Datacard (Entrust).
The transaction was announced on February 22, 2019. Closing is expected to occur during the second quarter of 2019.
The transaction addresses commitments made by Thales to several competition authorities to divest this business in connection with Thales’ €4.8 billion acquisition of Gemalto. The divestment is subject to the successful completion of the Gemalto transaction; the approval of Entrust as a suitable purchaser by the European Commission, U.S. Department of Justice, Australian Competition and Consumer Commission, and New Zealand Commerce Commission; and the satisfaction of customary closing conditions.
For more information, please see the press release here.