Crane NXT, Co. completed the acquisition of OpSec Security Group Limited from Investcorp Technology Partners III, L.P. and Investcorp Holdings B.S.C.
May 02, 2024
Share
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.
Crane NXT, Co. (NYSE:CXT) completed the acquisition of OpSec Security Group Limited from Investcorp Technology Partners III, L.P. and Investcorp Holdings B.S.C. on May 3, 2024. Crane NXT continues to expect the acquisition to be accretive to Adjusted EPS in 2025 and to achieve double digit ROIC by year five. The Company will provide updated full year guidance as part of its first quarter 2024 earnings release scheduled for May 8, 2024.
Crane NXT, Co. is an industrial technology company that provides technology solutions to secure, detect, and authenticate what matters most to its customers. The Company operates through two segments: Crane Payment Innovations (CPI) and Security and Authentication Technologies. The CPI segment provides electronic equipment and associated software leveraging extensive and proprietary core capabilities with various detection and sensing technologies for applications, including verification and authentication of payment transactions. The Security and Authentication Technologies segment provides advanced security solutions based on proprietary technology for securing physical products, including banknotes, consumer goods and industrial products. The Security and Authentication Technologies segment also provides brand protection and authentication solutions. The Company operates in the United States, the United Kingdom, Mexico, Japan, Germany, Sweden, and Malta.