BAE Systems buys Irish financial security group

14th January 2011, Comments 0 comments

BAE Systems, the British defence and security company, said on Friday that it had agreed to buy Norkom, the Irish group specialised in fighting financial crime, for EUR217 million ($290 million).

"Countering financial crime is a priority for governments and financial institutions," BAE Systems chief executive Ian King said in a statement announcing the deal.

"The combination will result in a significantly enhanced offering for customers and present an opportunity for accelerated growth for the BAE Systems Group in the fast growing cyber and intelligence services sector."

Norkom shareholders will receive EUR2.10 in cash for each share they own.

"The offer values the entire issued and to be issued share capital of Norkom at approximately EUR217 million," the statement added.

© 2011 AFP

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