Business
Identiv Announces Security Business Asset Sale Transaction Receives CFIUS Clearance
$145 Million Transaction Receives Final Remaining Regulatory Approval Transaction Expected to Close Within 30 Days FREMONT, Calif.--(BUSINESS WIRE)--
About this update from Identiv, Inc.
[{"type":"text","content":"\n$145 Million Transaction Receives Final Remaining Regulatory Approval\n\n\nTransaction Expected to Close Within 30 Days\n\n\n FREMONT, Calif.--(BUSINESS WIRE)--\nIdentiv, Inc. (NASDAQ: INVE), a global digital security and identification leader in the Internet of Things (IoT), today announced that the Committee on Foreign Investment in the United States (\"CFIUS\") has approved the Company’s transaction to sell its physical security, access card, and identity reader operations and assets (the “Physical Security Business”) to Vitaprotech, a security solutions provider.\n\n\nIdentiv submitted notice of the proposed transaction to the U.S. government on May 9, 2024. Pursuant to Section 721 of the Defense Production Act of 1950, as amended, CFIUS reviewed the transaction. On August 15, 2024, Identiv received notification of approval from the Department of Treasury, on behalf of the Committee on Foreign Investment in the United States. CFIUS determined that there were no unresolved national security concerns; therefore, action under Section 721 with respect to the transaction was concluded.\n\n\nHaving met all regulatory requirements and received shareholder approval of the transaction, all regulatory and statutory conditions for closing have been satisfied. Both parties are now proceeding to close the transaction promptly. Based on the anticipated time needed to complete the actions required to close, Identiv and Vitaprotech expect to close the transaction within 30 days following CFIUS approval.\n\n\nUpon closing of the transaction, Identiv will receive a cash payment of $145 million, subject to customary adjustments. The proceeds from the sale will significantly strengthen Identiv’s financial position, providing capital to pursue growth opportunities for its specialty IoT solutions business.\n\n\nAbout Identiv\n\n\nIdentiv, Inc. is a global leader in digitally securing the physical world. Identiv's platform encompasses RFID and NFC, cybersecurity, and the full spectrum of physical access, video, and audio security. For more information, visit identiv.com.\n\n\nNote Regarding Forward-Looking Information\n\n\nThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those involving future events and future results that are based ...