BAE Closes Acquisition of L-1 Unit (2024)

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BAE Closes Acquisition of L-1 Unit (1)

Home > Latest news > BAE Closes Acquisition of L-1 Unit

BAE Closes Acquisition of L-1 Unit (2)

Feb. 16, 2011

(Source: L-1 Identity Solutions, Inc.; issued February 15, 2011)

STAMFORD, Conn. --- L-1 Identity Solutions, Inc., a leading supplier of identity solutions and services, today announced the completion of the sale of the L-1 intelligence services businesses (SpecTal, LLC, Advanced Concepts, Inc. and McClendon, LLC) to BAE Systems, Inc. As previously announced, the purchase price includes $295.8 million in cash and approximately $7.2 million of certain assumed obligations for a total value of $303.0 million.

With the BAE Systems transaction completed, L-1 is now comprised of Secure Credentialing Solutions, Biometric and Enterprise Access Solutions and Enrollment Services. The net cash proceeds from the sale of the L-1 intelligence services businesses is being used to repay outstanding indebtedness under L-1’s secured credit facility including the full amount of the term loans and a portion of the outstanding borrowings under the revolving credit facility, leaving a remaining balance of less than $50.0 million.

"We have assembled a group of highly respected and specialized intelligence businesses that have earned the respect and trust of customers, working alongside them in partnership to help protect national security interests and fight global terrorism across multiple fronts,” said Robert V. LaPenta, Chairman, President and CEO of L-1 Identity Solutions. “Joining forces with BAE gives this team of L-1 professionals the depth of resources and breadth of customer access they will need to bring their critical skillsets to a wider audience and better serve the intelligence community mission, today and in the future. The transaction we've completed with BAE is beneficial to the Company and our shareholders in capitalizing on the value we have built in the intelligence services business and represents the completion of an important step toward the consummation of the previously announced sale of L-1."

BAE Systems is a global defense and security company with approximately 100,000 employees worldwide. The former L-1 intelligence services employees are joining the BAE Systems, Inc. Intelligence & Security sector.

As previously announced, under the terms of a merger agreement entered into on September 19, 2010, Safran SA has agreed to acquire L-1 Identity Solutions, Inc. following the completion of the BAE Systems, Inc. transaction. L-1 expects the Safran merger to close during the first quarter of 2011, subject to the timing of the Committee on Foreign Investment in the United States process in respect of the merger and assuming satisfaction or waiver of all other applicable conditions.

L-1 Identity Solutions, Inc. protects and secures personal identities and assets. Its divisions include Biometrics / Enterprise Access and Secure Credentialing solutions and Enrollment services. L-1 Identity Solutions is headquartered in Stamford, CT. (ends)

BAE Systems Completes Purchase of L-1’s Intelligence Services Group

BAE Closes Acquisition of L-1 Unit (3)

Feb. 16, 2011

(Source: BAE Systems; issued February 15, 2011)

ARLINGTON, Va. --- BAE Systems has completed its acquisition of L-1 Identity Solutions, Inc.’s Intelligence Services Group (ISG), which is comprised of SpecTal, LLC, Advanced Concepts, Inc., and McClendon, LLC, for a purchase price of approximately $297 million. The completed transaction, initially announced in September, will enhance BAE Systems’ ability to effectively meet the growing needs of government intelligence, defense and security customers.

ISG employs more than 1,000 people, who are highly regarded suppliers to the U.S. intelligence and defense community and its operations will now become an integral, complementary part of BAE Systems, Inc.’s growing Intelligence & Security sector.

“This acquisition is all about building our capabilities to better meet the dynamic and changing security and intelligence needs of our U.S. government customers,” said John Gannon, president of the BAE Systems, Inc. Intelligence & Security sector. “Our business focuses on four key customer missions – intelligence and counterintelligence, homeland security, law enforcement and support to military operations, and our newest employees from ISG represent a tremendous asset as we continue to deliver premier services to our customers.”

The ISG acquisition is also consistent with BAE Systems’ strategy to grow its services business in cyber and intelligence.

BAE Systems is a global defense and security company with approximately 100,000 employees worldwide. The Company delivers a full range of products and services for air, land and naval forces, as well as advanced electronics, security, information technology solutions and support services.

-ends-

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BAE Closes Acquisition of L-1 Unit (4)

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BAE Closes Acquisition of L-1 Unit (2024)

FAQs

Why did Ball sell to Bae? ›

Ball has said the sale will allow it to focus on growing the company's global aluminum packaging businesses. The sale allows BAE Systems and Space & Mission Systems to combine their capabilities and grow their space, security and defense work, Kaufman said.

What is the new acquisition of BAE Systems? ›

BAE Systems has now successfully completed the acquisition of Ball Aerospace from Ball Corporation. This acquisition adds market-leading space, science and defense capabilities to the company's portfolio of products and services through a new business called Space & Mission Systems.

Is Lockheed Martin owned by Bae? ›

BAE Systems acquired Lockheed Martin Aerospace Electronic Systems (AES) and Lockheed Martin Control Systems in 2000. BAE Systems Electronic Systems was formed in June 2005 by an internal reorganisation of these businesses. Lockheed had identified AES as a candidate for disposal following a strategic review in 1999.

What does the e stand for in bae? ›

The name BAE Systems was created in 1999 through the use of the historic acronym for British Aerospace (BAe) combined with the 'Systems' section of partner company Marconi Electronic Systems (Marconi Electronics remains a registered trademark of sectors of that business which were not incorporated under the terms of ...

Who owns Bae? ›

Corporate governance. BAE Systems Inc. is fully owned by BAE Systems plc. Jerry DeMuro replaced Linda Hudson as appointed Chief Operating Officer, BAE Systems plc, and President and CEO of BAE Systems Inc.

How much did Bae buy Ball Aerospace for? ›

The firm agreed to buy Ball Aerospace in August in a $5.6 billion deal as a way to reach into space, a frontier the company predicts will become increasingly important in warfare. It marked the biggest purchase in the firm's history.

Who is the largest shareholder of BAE Systems? ›

Shareholders. BAE Systems' 2022 Annual Report listed the following as "significant" shareholders: Barclays 3.98%, BlackRock 9.90%, Capital Group Companies 14.18%, Invesco 4.97% and Silchester International Investors 3.01%.

Does Raytheon own BAE Systems? ›

BAE Systems completes $1.9 billion acquisition of Raytheon's military GPS business. For priority access to the latest whitepapers, ebooks, webcasts, and events, get our Market Intelligence newsletter.

Who is BAE Systems biggest competitor? ›

The main competitors of BAE Systems include Rolls-Royce Holdings plc (RR), Axon Enterprise (AXON), Cobham (COB), QinetiQ Group (QQ), Boeing (BOE), General Electric (GEC), Chemring Group (CHG), Senior (SNR), Avon Protection (AVON), and Cohort (CHRT). These companies are all part of the "aerospace & defense" industry.

Does BAE own Airbus? ›

Airbus is now operating as an integrated enterprise. Airbus will be owned 80% by EADS and 20% by BAE SYSTEMS.

Does BAE still make aircraft? ›

While this business unit no longer manufactures commercial regional airliners, it continues to lease aircraft and provide support, spares, and training for its legacy products: Avro RJ/BAE 146 family.

Who is the CEO of BAE Systems? ›

Do BAE Systems sell to Israel? ›

BAE Systems supplies the Israeli military with a wide variety of weapons, including components for combat aircraft, munitions, missile launching kits, and armored vehicles. BAE technologies are also integrated into Israel's main weapon systems, including fighter jets, drones, and warships.

What is bae slang for? ›

Bae,” for example, is a term of endearment that is either short for “baby” or an acronym for “before anyone else.

Do BAE Systems make weapons? ›

BAE Systems is the premiere advanced weapons provider to the U.S. Navy and allied navies around the world. Our product offerings cover ship self-defense, distributed lethality, and launching systems.

Will Bae Layoff Ball Aerospace employees? ›

Leaders at BAE told reporters in February — just after the Ball Aerospace deal closed — that there were no plans for major job cuts. “I can confirm that we did have a few recent layoffs.

Who did Ball get bought out by? ›

Deal first announced in 2023

Falls Church-based BAE Systems Inc., the U.S. arm of the British defense giant BAE Systems, has completed its $5.6 billion acquisition of Colorado-based Ball Aerospace from Ball Corp.

How did Ball get into aerospace? ›

History. Ball Aerospace began building pointing controls for military rockets in 1956. The aerospace part of the Ball Corporation was then known as Ball Brothers Research Corporation, and later won a contract to build some of NASA's first spacecraft, the Orbiting Solar Observatory satellites.

Who owns Ball brand? ›

Today, Newell Brands is the exclusive provider of genuine Ball home canning products. As a leader in home food preservation, Newell Brands is committed to continuing the tradition started by the Ball brothers and handed down through generations to help Americans preserve garden-fresh produce.

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