Report
Jeffrey Vonk
EUR 101.80 For Business Accounts Only

Thales Intends to Buy Gemalto to Create Leader in Digital Security

Thales has agreed to acquire Gemalto in an all-cash deal valuing the latter firm at EUR 4.8 billion, with the aim of creating a world leader in digital security. The offer, which values Gemalto at EUR 51 per share (a 57% premium to the Dec. 8 closing price), was recommended by the board of directors and expected to close in the second half of 2018. Although we do not believe the bid price to be excessive and do foresee continued strong growth of the digital identity, e-payment services, and acce...
Underlying
Thales SA

Thales is an electronics and systems group, serving defense, aeronautics, transport, space and security markets. Co.'s operations can be divided into four operating segments: Aerospace (Avionics, Space), Transportation (Ground Transport Systems), Defence & Security (Secure Communications & Information Systems Land and Air Systems, Defence Mission Systems), and DCNS. Co. designs and delivers systems for all four environments: air, land, sea and space. These systems detect and assess threats, manage information, support command decisions and control engagements through to threat neutralization. Co. is active in ground transportation; air transport; navigation systems.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Jeffrey Vonk

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