Manufacturers: Oberthur Sells Smartcard Activities
- World number two smartcard manufacturer Oberthur Technologies has entered into exclusive talks with private equity firm Advent. Its Card Systems and ID units (security of official documents) are concerned. The sale would concern 60% of all activities of the group for 1.15 billion euros.
- The other three challengers for this purchase may have been repealed by the Savare family’s requirements as well as by the group’s valorisation first assessed at one billion euros). Also, Advent’s specialisation in e-payments may have contributed to the final decision.
- The Savare family is now a minority shareholder and intends to focus on its historical business: issuing banknotes.
- Among the four competing private equity firms (One Equity Partners, Bain, PAI and Advent), PAI first seemed to lead the race. Nevertheless, the agreement set between Oberthur’s founder and Advent still has to meet the approval of both relevant authorities and staff representatives.
- Oberthur’s fiduciary business significantly grew in 2010. The Savare family retains 90% of this market. Future listing in the stock exchange is now envisaged.
See December 2010 as well as January and June 2011 Watches