(Bloomberg) -- Buyout firm Advent International is in exclusive talks to sell the European identity authentication business of Idemia to IN Groupe.
The French government, IN Groupe’s sole shareholder, supports the potential acquisition of Idemia Smart Identity, according to a statement on Thursday that confirmed an earlier Bloomberg News report. Financial details were not disclosed. A deal is expected to complete next year, subject to prior consultation with employee representatives and regulatory approvals.
Bloomberg News reported in March that the Idemia unit could be valued at as much as €1 billion ($1.1 billion) in a sale.
France-based Idemia was formed in 2017 when Boston-based Advent purchased Safran SA’s identity and security business and combined it with Oberthur Technologies, a company it acquired in 2011. Idemia’s identity business makes physical and digital credentials for identity cards, passports and driving licenses.
A sale of one of Europe’s biggest biometrics providers would follow an attempt to sell the entire company that fell through last year over price differences, Bloomberg has reported. The ID unit’s US operations were split from the European business as part of an earlier reorganization.
Paris-based IN Groupe, formerly known as Groupe Imprimerie Nationale, has been a partner to the French government for almost 500 years, according to its website. The state-backed company currently provides secure identity and digital services solutions integrating electronics and biometrics.
Goldman Sachs Group Inc. and Rothschild & Co. acted as financial advisers to Idemia, while Lazard Inc. was the financial adviser to IN Groupe.
--With assistance from Fareed Sahloul.
(Updates throughout with official confirmation.)
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