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: email@example.com.
L-1 Identity Solutions (NYSE:ID) hit a new 52-week high Tuesday as it is currently trading at $12, above its previous 52-week high of $11.96 with 2.4 million shares traded as of 9:36 a.m. ET. Average volume has been 2.1 million shares over the past 30 days.