Photo via Business in Cameroon
Thales, the French defence firm, has snapped up Gemalto, a Dutch cybersecurity firm, in a deal that is worth £4bn.
Last week, the biggest maker of SIM cards in the world had turned down an offer that was made by Atos, another French firm, regarding the offer of €46 per share as undervaluing the firm.
Thales has made an all-cash offer of €51 per share, a 57 percent premium over its closing price on the 8th of December.
Patrice Caine, the chairman and chief executive of Thales, said that the said acquisition marks a “key milestone” in the strategy of the firm.
“Together with Gemalto’s management, we have big ambitions based on a shared vision of the digital transformation of our industries and customers. Our project will be beneficial to innovation and employment, whilst respecting sovereign strategic technologies.”
Phillipe Vallee, the chief executive of Gemalto, said that the deal was “the most promising option” for the firm and that it has been recommended to its shareholders by the board.
Amid a global slowdown in the demand for smartphones, Gemalto has issued three profit warnings within six months. A third of the company’s business comes from SIM cards.