$1B purchase of L-1 instigates a name change
French aerospace company Safran SA has finalized its acquisition of the remains of L-1 Identity Solutions Inc. for a total cash amount of $1.1 billion.
French aerospace company Safran SA has finalized its acquisition of the remains of L-1 Identity Solutions Inc. for a total cash amount of $1.09 billion.
The Paris-based firm bought L-1’s Secure Credentialing Solutions, Biometric Solutions, Enterprise Access Solutions and Enrollment Services units, following BAE Systems’ purchase of L-1’s Intelligence Services Group, composed of SpecTal LLC, Advanced Concepts Inc. and McClendon LLC.
Safran’s expanded group initially will operate as Morpho and will be renamed MorphoTrust, the company announced July 26.
It will be partly managed as a proxy structure, thus providing appropriate protection for U.S. national security.
The transaction makes Safran a leader in biometric identity solutions, the company said in its announcement.
According to Safran, L-1 generated more than $450 million in sales in 2010.
“L-1 offers an excellent fit with our own security business, in terms of both technologies and geographic footprint, clearly enhancing our product offering and customer service in this dynamic sector,” Safran Chairman and CEO Jean-Paul Herteman said in the statement.
With more than 4,000 employees at 40 locations across 18 states, Safran sales to U.S. customers represented approximately $2.5 billion in 2009 revenue.