IRVINE, Calif. — HID Global Corp., an ASSA ABLOY company, has agreed to acquire Fargo Electronics Inc., a provider of secure technologies for identity card issuance systems. The agreement involves an all-cash consideration of $25.50 per share.
According to HID, the transaction is expected to take place near the end of the third quarter and is subject to stockholder and regulatory approval. The offer is not subject to any financing contingency.
HID and Fargo have a long history of cooperation, and the decision to merge the two firms involves a joint desire to pursue business opportunities that involve secure identification technologies.
The board of directors for HID and Fargo have tentatively approved the transaction. Fargo’s shareholders will vote on the merger at a special meeting to be announced at a later date.
