Private equity firm Advent International has begun exclusive negotiations with Oberthur for the acquisition of its Card Systems and Identity divisions.
The proposed transaction, expected to be valued at EUR1.15bn, is subject to market regulatory approval along with workers’ council consultation, according to Oberthur.
As per the deal Oberthur founder and president Jean-Pierre Savare and will family will retain 10% stake in the company.
Advent managing director Cedric Chateau said the acquisition will benefit from the group’s international network as well as expertise in the banking and telecommunications industries.
Oberthur has investments in the electronic payments sector, including UK’s RBS WorldPay, US Fifth Third and Brazil’s Cetip.
The Card Systems Division specialises in security based on smart card technology while Identity division manufactures secure identity documents and associated services for both governmental and corporate markets.