Private equity fund ADVent rumored to sell Idemia's European identity authentication business to IN Groupe

The Zhitong Finance App learned that according to people familiar with the matter, private equity firm Advent International is about to reach an agreement to sell IDEMIA's European identity authentication business to IN Groupe.

The person familiar with the matter mentioned above said that the sale plan may be announced as early as this week.

People familiar with the matter added that a final agreement has not yet been reached, and details are still likely to change. In March of this year, it was reported that the sale value of the Idemia division could be as high as 1 billion euros (1.1 billion US dollars).

Representatives for iDemia and IN Groupe did not immediately respond to requests for comment outside of normal business hours in France. An Advent spokesperson declined to comment.

Idemia, headquartered in France, was founded in 2017, when Boston-based Advent acquired the identity and security business of SAFRY.US (SAFRY.US) and merged it with Oberthur Technologies, which was acquired in 2011. Idemia's identification business provides physical and digital credentials for ID cards, passports, and driver's licenses.

The report said that one of Europe's largest biometrics technology providers also tried to sell the entire company last year, but failed due to price differences. As part of an earlier restructuring, its ID division's US business has been spun off from its European business.

According to its website, IN Groupe, headquartered in Paris, formerly Groupe Imprimerie Nationale, has been cooperating with the French government for nearly 500 years. The state-backed company currently provides secure identity and digital services solutions that integrate electronic and biometrics technology.