Global private equity firm Advent International completed the acquisition of the Card Systems and Identity divisions of Oberthur Technologies, after workers’ council consultation and market authorities’ approval of the transaction.
Advent and its management now control 90% of Oberthur’s capital, with the remaining 10% stake being held by Oberthur group founder Jean-Pierre Savare and his family. The value of the transaction is 1.15 billion Euros.
Xavier Drilhon, former deputy managing director of Oberthur group and managing director of the card systems division, will now be the CEO of Oberthur Technologies.
Advent plans to grow Oberthur through strategic external acquisitions that can further its technological advancements.