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French company offers to buy U.S. ID management provider

09-21-2010 08:20 BJT

PARIS, Sept.20 (Xinhua) -- France-based high-tech group Safran on Monday signed a deal worth 1.09 billion U.S. dollars to acquire American identity management provider firm L-1 Identity Solutions Inc.

"Safran has entered into a definitive agreement with L-1 Identity Solutions ... to acquire the operating and holding company of L-1 and its biometric and enterprise access solutions, secure credentialing solutions and enrollment services businesses, for a total cash amount of 1.09 billion U.S. dollars," it said in a statement posted on its web site.

The group aimed at creating an industry-leading provider of solutions for the fast-growing high-tech homeland security market and upgrading revenue and earnings through this transaction.

Under the agreement, Safran will offer 12.00 U.S. dollars per share to L-1 shareholders. It eyes with this acquisition to accelerate revenues of security business by 15 percent of the company's total revenues in 2011.

The group, which focuses on security and defense businesses, posted a turnover up to 10.4 billion euros (13.62 billion U.S. dollars) in 2009.

Editor:Li yang |Source: Xinhua

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