Crane NXT, Co. (NYSE:CXT) agreed to acquire OpSec Security Group Limited from Investcorp Technology Partners III, L.P. and Investcorp Holdings B.S.C. for $270 million on March 11, 2024. The consideration consists of $270 million in cash.

Purchase price of $270 million, funded by cash on hand and revolver. This agreement does not include the acquisition of Zacco, currently part of OpSec, which will remain with Investcorp. Crane NXT expects the acquisition to be accretive to Adjusted EPS in 2025 and to achieve double digit ROIC by year five, driven by the growth outlook for OpSec and transaction synergies.

The transaction is expected to close in the second quarter of 2024, subject to customary closing conditions. Robert W. Baird & Co. Incorporated is acting as Crane NXT?s financial advisor, and Leonard Kreynin, Corey M. Goodman, Dominic Foulkes, Jennifer S. Conway, Neil Sharpe of Davis Polk & Wardwell LLP is serving as Crane NXT?s legal counsel.

Alain Dermarkar, Bill Nelson, and Emily Leitch of Shearman & Sterling LLP acted as legal advisor to Investcorp Holdings B.S.C. The cross-border Proskauer team is being led by Steven Davis, Kunal Dogra and Michael Ellis, Stephen Pevsner and Martin Hamilton, David Teigman, senior counsel Nicholas LaSpina and special counsel Nicola Bartholomew, Oliver Howley, Barry Newman and Mary Wilks and John Ingrassia of Proskauer Rose LLP advised OpSec.