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L-1 Identity To Be Bought for $1.6B

Stocks in this article: ID

STAMFORD, Conn. ( TheStreet) -- L-1 Identity Solutions (ID) has agreed to be acquired by France's Safran for $12 a share, or $1.6 billion including debt.

L-1 shares closed Friday at $9.70, making the $12 price a 24% premium.

Under the terms of the deal, Safran has agreed to acquire L-1, a maker of high-tech recognition and security systems, following the sale of L-1's intelligence services businesses to BAE Systems. BAE is buying the businesses for $296 million, a deal expected to close in the fourth quarter.

The Safran acquisition of L-1 is expected to close in the first quarter of 2011. The closing of the acquisition is subject to the completion of the BAE deal, L-1 stockholder approval, and review by the U.S. Committee on Foreign Investment in the United States.

-- Written by Joseph Woelfel



>To contact the writer of this article, click here: Joseph Woelfel

>To submit a news tip, send an email to: tips@thestreet.com.

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