Thales has had its offer to buy struggling Gemalto in a deal worth close to €4.8bn. The agreement comes just days after Gemalto had rejected a €4.3bn takeover proposal by Atos, which the company called “opportunistic”.
“I am convinced that the combination with Thales is the best and the most promising option for Gemalto and the most positive outcome for our company, employees, clients, shareholders and other stakeholders,” said Philippe Vallée, Gemalto’s chief executive.
Patrice Caine, Thales chairman and chief executive, said: “The acquisition of Gemalto marks a key milestone in the implementation of Thales’s strategy.” Aerospace and defence group Thales made a €51 per share cum dividend all-cash offer for Gemalto, representing a 57% premium over the closing price on December 8.
Thales and Gemalto may terminate the agreement if another offer is made that exceeds the Thales bid by at least 9%.
Thales will combine its digital businesses into Gemalto, which will continue to operate under its own brand, according to the statement. Mr Vallée will continue to lead the combined digital security business. The combined business will generate €3.5bn of sales and rank among the top three players worldwide in the digital security market, said the companies.
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