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Home > Latest news > BAE Closes Acquisition of L-1 Unit
Feb. 16, 2011
(Source: L-1 Identity Solutions, Inc.; issued February 15, 2011)
STAMFORD, Conn. --- L-1 Identity Solutions, Inc., a leading supplier of identity solutions and services, today announced the completion of the sale of the L-1 intelligence services businesses (SpecTal, LLC, Advanced Concepts, Inc. and McClendon, LLC) to BAE Systems, Inc. As previously announced, the purchase price includes $295.8 million in cash and approximately $7.2 million of certain assumed obligations for a total value of $303.0 million. With the BAE Systems transaction completed, L-1 is now comprised of Secure Credentialing Solutions, Biometric and Enterprise Access Solutions and Enrollment Services. The net cash proceeds from the sale of the L-1 intelligence services businesses is being used to repay outstanding indebtedness under L-1’s secured credit facility including the full amount of the term loans and a portion of the outstanding borrowings under the revolving credit facility, leaving a remaining balance of less than $50.0 million. "We have assembled a group of highly respected and specialized intelligence businesses that have earned the respect and trust of customers, working alongside them in partnership to help protect national security interests and fight global terrorism across multiple fronts,” said Robert V. LaPenta, Chairman, President and CEO of L-1 Identity Solutions. “Joining forces with BAE gives this team of L-1 professionals the depth of resources and breadth of customer access they will need to bring their critical skillsets to a wider audience and better serve the intelligence community mission, today and in the future. The transaction we've completed with BAE is beneficial to the Company and our shareholders in capitalizing on the value we have built in the intelligence services business and represents the completion of an important step toward the consummation of the previously announced sale of L-1." BAE Systems is a global defense and security company with approximately 100,000 employees worldwide. The former L-1 intelligence services employees are joining the BAE Systems, Inc. Intelligence & Security sector. As previously announced, under the terms of a merger agreement entered into on September 19, 2010, Safran SA has agreed to acquire L-1 Identity Solutions, Inc. following the completion of the BAE Systems, Inc. transaction. L-1 expects the Safran merger to close during the first quarter of 2011, subject to the timing of the Committee on Foreign Investment in the United States process in respect of the merger and assuming satisfaction or waiver of all other applicable conditions. L-1 Identity Solutions, Inc. protects and secures personal identities and assets. Its divisions include Biometrics / Enterprise Access and Secure Credentialing solutions and Enrollment services. L-1 Identity Solutions is headquartered in Stamford, CT. (ends)
BAE Systems Completes Purchase of L-1’s Intelligence Services Group
Feb. 16, 2011
(Source: BAE Systems; issued February 15, 2011)
ARLINGTON, Va. --- BAE Systems has completed its acquisition of L-1 Identity Solutions, Inc.’s Intelligence Services Group (ISG), which is comprised of SpecTal, LLC, Advanced Concepts, Inc., and McClendon, LLC, for a purchase price of approximately $297 million. The completed transaction, initially announced in September, will enhance BAE Systems’ ability to effectively meet the growing needs of government intelligence, defense and security customers. ISG employs more than 1,000 people, who are highly regarded suppliers to the U.S. intelligence and defense community and its operations will now become an integral, complementary part of BAE Systems, Inc.’s growing Intelligence & Security sector. “This acquisition is all about building our capabilities to better meet the dynamic and changing security and intelligence needs of our U.S. government customers,” said John Gannon, president of the BAE Systems, Inc. Intelligence & Security sector. “Our business focuses on four key customer missions – intelligence and counterintelligence, homeland security, law enforcement and support to military operations, and our newest employees from ISG represent a tremendous asset as we continue to deliver premier services to our customers.” The ISG acquisition is also consistent with BAE Systems’ strategy to grow its services business in cyber and intelligence. BAE Systems is a global defense and security company with approximately 100,000 employees worldwide. The Company delivers a full range of products and services for air, land and naval forces, as well as advanced electronics, security, information technology solutions and support services. -ends-
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