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Safran Enters Into a Definitive Agreement With L-1 Identity Solutions for the Purchase of L-1 Biometrics and ID Management Solutions Businesses
Date:9/20/2010

nterprise access solutions, secure credentialing solutions and enrollment services businesses, for a total cash amount of USD 1.09 billion. These businesses had 2009 revenue of USD 436 million and recorded a backlog of USD 1.1 billion at end of 2009. The transaction would create an industry-leading provider of solutions for the fast-growing high-tech homeland security market and generate strong growth in revenue and earnings, while yielding significant operating synergies.

Prior to this agreement and as a condition to the transaction, L-1 entered into a definitive agreement to sell its government consulting services business for USD 295 million to a third party, and therefore this business would be excluded from the transaction with Safran.

Overview of the transaction

Under the terms of the agreement with L-1, Safran would acquire 100 % of L-1's shares, with the following characteristics:

- L-1 shareholders would receive USD 12.00 per L-1 share in cash, an implied premium of 31.2 % over L-1's 30-day average closing price of USD 9.14 for the period ending on September 17 2010; - The estimated Enterprise Value of the business acquired by Safran is USD 1.19 billion, taking into account L-1's estimated net debt at closing of approximately USD 100 million which includes the cash proceeds from the prior sale of the government consulting services business; - The run-rate operating cost synergies are expected to represent approximately USD 30 million, which would be fully realized within 18 months from the closing of the transaction; - The transaction, thanks to operating synergies, is expected to be accretive to Safran's earnings from year one, excluding non cash and one-off items and purchase accounting adjustments (PPA); - Safran intends to fully finance the acquisition with existing cash on hand; and - The boards of directors of both L-1 and Safran have unanimously approved the transaction.

Creates an industry-leading provider
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