EU approve Advent’s acquisition of Morpho subject to smartcard business sale

European Union antitrust regulators have approved private equity firm Advent International‘s €2.4 billion (US$2.57 billion) acquisition of Safran’s identity and security solutions firm Morpho, conditional on the sale of Morpho’s payment smart card business in France. The move comes a few months after Safran Identity & Security CEO Anne Bouverot discussed the pending acquisition of Morpho by Advent in a Q&A interview. The European Commission focused its investigation on the companies’ overlapping activities in smart card markets, as Advent International

Safran in exclusive talks to sell biometrics division to Advent for $2.7B

According to a report in Bloomberg, Safran has entered exclusive negotiations to sell its Safran Identity & Security division (formerly Morpho) to U.S. private-equity firm Advent International Corp. for $2.43 billion euros ($2.7 billion USD). The deal would see Safran’s biometric identification technology combined with Advent’s Oberthur Technologies, creating a business with $2.8 billion euros in annual revenue. In a statement, Advent commented that the combination of the Safran business with Oberthur would make them “uniquely positioned to accelerate the

Advent said to lead bidders for Morpho purchase with $2.7B offer

Advent International Corp. is the leading bidder for Safran’s Morpho biometrics and security unit after making a 2.4 billion euro (US$2.7 billion) offer, according to a Bloomberg report that cited individuals familiar with the matter. The move comes a couple weeks after reports that Safran was expecting to make a decision on the acquisition of Morpho for more than 2 billion euros (US$2.5 billion) by the end of the month. The offer was only slightly higher than Gemalto NV’s bid,

Safran to decide on Morpho buyer by end of month

Safran is expected to make a decision on the acquisition of its Morpho biometrics and security unit for more than 2 billion euros (US$2.5 billion) by the end of the month, according to a report by Reuters which cites an individual close to the process. The report comes a few weeks after Safran narrowed the sale of its biometric identification unit Morpho to a shortlist of five bidders: SIM card manufacturers Gemalto and Oberthur, as well as investment fund firms

Safran narrows Morpho acquisition to five bidders

Safran has narrowed the sale of its biometric identification unit Morpho to a shortlist of five bidders including SIM card manufacturers Gemalto and Oberthur, according to a report by Reuters. The move comes a couple weeks after private equity fund Advent made a bid for Morpho with the intention of merging it with Advent-owned Oberthur Technologies. In addition to Gemalto and Oberthur, which is backed by private equity firm Advent, Safran’s board has selected KKR, Bain Capital and CVC Capital

Safran expanding its business activities in Central America

Safran Identity & Security announced it is expanding its business activities in Central America and has acquired the former office location of the Colombian-based Carvajal Group in Costa Rica. According to a statement by the company, the new location marks an important strategic development for its business activities in Central America and Carribean, as the company becomes the first EMV card manufacturer which has a domestic presence in Costa Rica, enabling them to serve the payment industry and financial institutions

Biometrics and border security, law enforcement and facial recognition trending this week

Here is a recap of the most popular biometrics industry news that appeared on BiometricUpdate.com this past week. Industry insight In a guest post, the Secure Identity and Biometrics Association discusses the rise of biometrics and identity management in the homeland security enterprise and its Biometrics and Identity Innovations Forum in Washington, D.C. later this month. In a guest post, David Gerulski, VP at Integrated Biometrics, discusses how the use of biometrics as an identifier is having a positive effect

Advent makes a bid for Safran’s biometric identification unit

Reuters is reporting that private equity fund Advent has made a bid for Safran’s biometric identification unit Morpho with the aim to merge it with Advent-owned Oberthur Technologies. In an interview with French newspaper Le Figaro, the head of Advent France, Cedric Chateau, said that the merger of the two firms could create a France-based world leader in secure authentification. A Safran spokeswoman declined to comment on Advent’s offer. In April, Safran agreed to sell its U.S.-based Morpho Detection business

UAE airports implementing Morpho’s iris at a distance technology

Morpho (Safran) has recently implemented several new touchless biometric technologies, such as on-the-move, non-intrusive systems, which have helped open up new opportunities in the field of border control. Biometric technologies are slowly being implemented in airports around the world, including those in the United Arab Emirates (UAE). However, the adoption process takes a considerable amount of time as contact methods of fingerprinting continue to have their share of concerns regarding hygiene and cultural customs against contact in some regions of

Biometrics in financial services, online authentication, privacy and access control trending this week

Here is a recap of the most popular biometrics industry news that appeared on BiometricUpdate.com this past week. Financial services The Japanese government will test a biometrics-based payment system this summer that will see foreign tourists able to verify their identity and make purchases using only their fingerprints. The pilot project will have inbound tourists register their fingerprints and other data, such as credit card information, at airports. Tourists will then be able to conduct tax exemption procedures and make