The Chertoff Group Serves as Strategic Advisor to Safran During Acquisition of L-1 Identity Solutions
July 26th, 2011
WASHINGTON, D.C. � The Chertoff Group is pleased to announce its client, Safran, has completed its acquisition of L-1 Identity Solutions for a total cash amount of $1.09 billion. This successful combination of best-in-class biometric and secure credential technologies strengthens Safran's position as a leading provider of enhanced identity management solutions within the fast-growing high-tech defense and homeland security market.
Safran previously announced a definitive agreement to acquire L-1's Identity Solutions' Biometrics and ID Management Solutions Businesses on September 20, 2010. Following a comprehensive review, this transaction also received approval by the Committee on Foreign Investment in the United States (CFIUS) which identified no unresolved national security concerns.
Led by former U.S. Homeland Security Secretary Michael Chertoff, The Chertoff Group provides merger and acquisition advisory services for clients in the security, defense and government services industries. During this recent transaction, The Chertoff Group provided expertise on emerging biometric technologies; subject matter analysis and due diligence on national security applications; and strategic advice on the CFIUS review process.
Members of The Chertoff Group deal team included: Michael Chertoff, Co-Founder and Managing Principal; Chad Sweet, Co-Founder and Managing Principal; Charles Allen, Principal; Larry Castro, Managing Director; J. Bennet Waters, PhD., Managing Director and Chief Operating Officer; and Richard Weiblinger, Senior Associate.