Thales acquires Gemalto, beating Atos bid

18/12/17

French defence firm Thales has snapped up digital identity and cyber security firm Gemalto in a deal worth $5.6bn, less than a week after Atos made a lower offer. 

“This is a terrific project,” Thales CEO Patrice Caine told reporters on Sunday. “In digital, Gemalto and Thales are like twins."

Caine said his firm’s bid represented a total of 5.6 billion euros ($6.6 billion), including 800 million of debt in addition to its offer for shares.

This showed its basic 51 euro per share offer for Gemalto was worth 4.8 billion euros in comparison with Atos’ 4.3 billion bid based on a 46 euro per share price.

Atos, which saw its offer rejected by Gemalto this week, said in a statement later on Sunday that it would not pursue its bid, although it would be open to talks with Gemalto if Thales’ offer fell through.

Thales’ all-cash bid has the unanimous backing of the both companies’ boards, Thales and Gemalto said in an earlier statement.

The agreement calls for Thales’ digital activities to be merged with Gemalto to create a business with 3.5 billion euros in sales which would be a top-three global player in digital security, they said.

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