L-1 Identity Solutions Completes The Sale Of Intelligence Services Businesses To BAE Systems, Inc.
L-1 Identity Solutions, Inc. (NYSE: ID), a leading supplier of identity solutions and services, today announced the completion of the sale of the L-1 intelligence services businesses (SpecTal, LLC, Advanced Concepts, Inc. and McClendon, LLC) to BAE Systems, Inc. As previously announced, the purchase price includes $295.8 million in cash and approximately $7.2 million of certain assumed obligations for a total value of $303.0 million.
With the BAE Systems transaction completed, L-1 is now comprised of Secure Credentialing Solutions, Biometric and Enterprise Access Solutions and Enrollment Services. The net cash proceeds from the sale of the L-1 intelligence services businesses is being used to repay outstanding indebtedness under L-1’s secured credit facility including the full amount of the term loans and a portion of the outstanding borrowings under the revolving credit facility, leaving a remaining balance of less than $50.0 million.
"We have assembled a group of highly respected and specialized intelligence businesses that have earned the respect and trust of customers, working alongside them in partnership to help protect national security interests and fight global terrorism across multiple fronts,” said Robert V. LaPenta, Chairman, President and CEO of L-1 Identity Solutions. “Joining forces with BAE gives this team of L-1 professionals the depth of resources and breadth of customer access they will need to bring their critical skillsets to a wider audience and better serve the intelligence community mission, today and in the future. The transaction we've completed with BAE is beneficial to the Company and our shareholders in capitalizing on the value we have built in the intelligence services business and represents the completion of an important step toward the consummation of the previously announced sale of L-1."
BAE Systems is a global defense and security company with approximately 100,000 employees worldwide. The former L-1 intelligence services employees are joining the BAE Systems, Inc. Intelligence & Security sector.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV