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Thales to acquire Gemalto in a €4.8B all-cash deal

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Thales to acquire Gemalto in a €4.8B all-cash deal

Thales Group has entered into an agreement to acquire Gemalto NV in an all-cash transaction for an offer price of €51 per share cum dividend, according to a Dec. 17 news release.

The transaction has a total deal value of about 4.8 billion, Reuters reported the same day.

Thales will merge its digital assets with Gemalto under a new global business unit following the completion of the deal, according to a Dec. 17 news release. Gemalto, will however, continue to operate under its own brand as one of the seven Thales global business units.

The proposed deal has been unanimously recommended by Gemalto's board of directors and unanimously approved by Thales' board of directors.

Amid the proposed deal, Gemalto will still continue with its plan to cut about 288 jobs in its chip card business in France, Reuters reported Dec. 18, citing a statement from company CEO Philippe Vallee. The company would, however, redeploy staff, when possible.

The deal announcement comes after Gemalto rejected Atos SE's offer to acquire the Netherlands-based company for €4.3 billion, or €46 per Gemalto share.

In response, Atos said that it will no longer pursue its offer to acquire Gemalto, but will be available to discuss a merger if the deal with Thales would not materialize.