June 3, 2011 / 1:03 PM / in 7 years

UPDATE 1-L-1 Identity says US begins 45-day probe of Safran deal

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June 3 (Reuters) - L-1 Identity Solutions said the Committee on Foreign Investment in the United States (CFIUS) completed its 30-day review of the face-recognition software maker’s sale to French defense company Safran , and was moving forward with a 45-day investigation process.

Last September, Safran had offered to buy L-1 Identity for $1.09 billion in cash. [ID:nLDE68I0KJ]

L-1 Identity said in a regulatory filing that it is making progress on a definitive mitigation agreement that is satisfactory to all parties, although there is no assurance this would occur.

The company said the 45-day process, which is scheduled to expire on July 18, could be completed earlier if a definitive mitigation agreement is reached with CFIUS.

L-1’s face-recognition and other biometric products are used by government agencies to improve security and border management and commercially at financial institutions.

Shares of the Connecticut-based L-1 Identity closed at $11.22 on Thursday on the New York Stock Exchange. (Reporting by Megha Mandavia in Bangalore; Editing by Roshni Menon)

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