ASSA ABLOY to Acquire LaserCard for $80M
IRVINE, Calif. — ASSA ABLOY, the parent company of HID Global, has signed an agreement to acquire secure ID solutions provider LaserCard Corp. for about $80 million.
The price of $6.25 per share is a premium of about 38 percent over the closing price on Dec. 17 and about a 42 percent premium over the company’s 20-day average closing price.
Headquartered in Mountain View, Calif., LaserCard’s credential constructions feature the company’s counterfeit resistant optical security media (OSM) and embedded hologram technology that enables documentation authentication with the human eye.
The deal, which is expected to be completed in the first quarter of 2011, will advance HID Global’s worldwide market position in the government sector and will expand the company’s technology portfolio.
The acquisition includes LaserCard’s wholly-owned German subsidiary, Challenge Card Design (CCD), a provider of card personalization and ID management solutions.
“The LaserCard organization brings incremental skills and core technical competencies that will augment HID Global’s secure identity strategy,” says HID Global President and CEO Denis Hébert. “It will widen the breadth of our e-government business with a unique selection of products, technologies and a range of service capabilities that are highly synergistic with HID Global’s current offerings.”
Imperial Capital LLC acted as financial adviser to LaserCard and O’Melveny & Myers LLP acted as counsel.
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