Advent completes €2.42bn Safran acquisition

BPI France also invested in the group, which was renamed to Morpho.

Looking to consolidate its aerospace and defence holdings, Advent will merge the newly acquired group with Oberthur, in which the GP acquired a majority stake in 2011 for €1.15bn through its GPE VI Fund. The resulting entity will be named OT-Morpho.

Together, the combined entity should reach an estimated €2.8bn in revenues. The group will remain based in France. The merger will aim to accelerate convergence between governmental and commercial markets for the companies, the GP said in a statement.

Company
Founded in 2005, Safran Identity and Security is a Safran subsidiary specialised in security and identification technology. The company's technology targets various markets and applications, including production and personalisation of secure ID documents and systems, and biometry-based identification systems. It is used by governments and businesses including Boeing and Airbus. Safran employs 8,700 people in 57 countries and generated €1.9bn in revenues in 2015.

Oberthur focuses on digital security technology and develops an array of products including smart cards and contactless payment solutions for smartphones. It operates within the payment, telecommunications and identity markets, offering mobile financial services, smart transactions, digital identification and transport and access control devices. The group currently employs 6,500 people spread across 50 offices and one manufacturing hub. Its services are used in 169 countries.

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