3M Co (MMM.N), the maker of Scotch tape and Post-it notes, said it had entered into agreements to sell its identity management business to Amsterdam-based digital security company Gemalto (GTO.AS) for $850 million.
The unit, which provides biometric solutions used in law enforcement, border control, and civil identification, has annual global sales of about $215 million.
“We believe that the identity management business will be better positioned with a company that is primarily focused on security solutions,” the company’s vice president of traffic safety and security division, John Riccardi, said in a statement.
Minnesota-based 3M said it would record a gain related to the deal, and incur various charges after the sale is completed.
3M said the deal was expected to close during the first half of 2017.
Goldman Sachs & Co is the exclusive financial adviser to 3M.
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Source: Reuters.com
