Two leading European defense companies are breaking up U.S. security firm L-1 Identity Solutions in a two-part transaction valued at $1.6 billion, including debt, Bloomberg reports.
French aerospace and security conglomerate Safran has agreed to pay more than $1.1 billion to acquire most of L-1, which specializes in biometrics identification through face, fingerprint, palm and iris recognition systems used to secure documents and other important assets. L-1′s government consulting and intelligence services division will be sold to Britain’s BAE Systems, the largest military contractor in Europe, in a separate deal valued at $296 million.
