L-1 Identity Solutions, a leading supplier of identity solutions and services, and Safran announced that in connection with the pending acquisition of L-1 by Safran, the parties have reached a final agreement on the terms of a definitive mitigation agreement with the United States government. L-1 and Safran were notified by CFIUS on July 19, 2011 that the investigation of the merger transaction is complete and that there are no unresolved national security concerns with respect to the transaction. With CFIUS approval for the merger, and having satisfied all other conditions required prior to closing, the parties intend to complete the merger transaction within the next five business days.
L-1 Identity Solutions, a leading supplier of identity solutions and services, and Safran announced that in connection with the pending acquisition of L-1 by Safran, the parties have reached a final agreement on the terms of a definitive mitigation agreement with the United States government. L-1 and Safran were notified by CFIUS on July 19, 2011 that the investigation of the merger transaction is complete and that there are no unresolved national security concerns with respect to the transaction. With CFIUS approval for the merger, and having satisfied all other conditions required prior to closing, the parties intend to complete the merger transaction within the next five business days.
"A little over five years ago we began L-1 with a vision and goal of becoming a leading identity solutions company; a company that would play a key role in securing individual identities, providing technologies to protect citizens and aiding in the fight against terrorism," said Robert V. LaPenta, Chairman, President and CEO of L-1 Identity Solutions. "I am proud to say that with the dedication and hard work of our management team and our employees, we accomplished our goal. The combination of L-1 and Safran Morpho with our complementary technologies, markets and promising synergies will result in the leading worldwide-wide provider of identity solutions today and into the future."
Safran will hold a conference call for analysts/investors the day the transaction is closed.