STAMFORD, Conn., Feb. 4 (UPI) -- The acquisition of L-1 Identity Solutions of Connecticut by France's Safran SA has moved closer with L-1 stockholders voting approval.
L-1, a provider of identity solutions and services, said about 99 percent of shareholders who voted at a special meeting voted in favor of the merger. Those who voted represented about 70 percent of the outstanding shares of L-1 common stock.
The merger still needs approval by the U.S. Committee on Foreign Investment in the United States.
Under the terms of the merger agreement with Safran, L-1 stockholders will be entitled to receive $12 per share in cash upon closing of the merger, for an aggregate enterprise value of about $1.6 billion, inclusive of outstanding debt.
L-1 expects the Safran merger to close during the first quarter of 2011.
Safran is a leading international high-technology group with core businesses in Aerospace and Defense and Security. Upon close of the transaction, Safran plans to integrate L-1's operations into its subsidiary, Morpho.