facebook
twitter
search
search

L-1, Safran merger moves closer

Feb. 4, 2011 at 5:58 AM

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.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
Finland orders anti-tank weapon from Saab
Oil prices drop on Greek, Iran concerns
North Dakota rig data suggests stability
Ford building electric bike prototypes with Apple Watch connectivity
Orbital ATK's artillery guidance kit passes milestone test