Bpifrance Investissement and Oberthur Technologies SA made an irrevocable offer to acquire Safran Identity and Security from Safran SA (ENXTPA:SAF) for €2.4 billion on September 29, 2016. As a part of the transaction, Bpifrance will take a stake and will join the Board of Safran Identity and Security. The former Morpho will ultimately join forces with Oberthur Technologies. Advent International will take control of a holding gathering Safran I&S and Oberthur Technologies, through its funds GPE VII and GPE VIII. Safran Identity and Security reported revenues of €1.6 billion for the year ending December 31, 2015. The transaction is subject to customary approvals, such as the completion of the consultation process with the workers’ councils, the signing of a definitive agreement, regulatory approval notably in Europe and in the United States and antitrust and other regulatory clearances. The approval from European Commission is subject to divestiture of Identity and Security's payment smart card business in France. As on December 8, 2016, the transaction was approved by the Federal Trade Commission. As on April 19, 2017, the transaction was approved by the European Commission. The transaction is expected to close during 2017. Compagnie Financière Lazard Frères SAS and Societe Generale Group acted as financial advisors to Safran. Olivier Deren, Pascal de Moidrey and Allard de Waal of Paul Hastings Janofsky & Walker Europe acted as legal advisors for management of Safran Identity and Security. Cédric Chateau, Bertrand Finet, Thierry Sommelet acted as advisor for Advent International. Cyril Harfouche, Sébastien Proto of Rothschild & Cie acted as financial advisors for Bpifrance and Thomas Piquemal of Deutsche Bank acted as the advisor of Oberthur Technologies S.A. and Bpifrance Investissement. Jean-Louis Girodolle, Guillaume Molinier of Lazard, Pierre-Antoine Saunier, Guillaume Pron of Athena Capital Partners and Jacques Bitton, Laurent Meyer, Stéphane Krief of Société Générale CIB acted as financial advisors for Safran SA. Michel Houdayer, Mo Nurmohamed and Fanny Colson of Latham & Watkins acted as the legal advisors for Safran SA. David Aknin and Jean Beauchataud of Weil, Gotshal & Manges LLP acted as legal advisors for Oberthur and Bpifrance. As on June 5, 2017, Xavier Norlain, Camille Lagache, Guillaume Valois, Emile Renaud, Maud Manon, Julien Godlewski of DLA Piper France acted as a legal advisor to Bpifrance Investissement. Jean-François Louit, Jean-Philippe Lambert, Martin Duvernoy, Vincenzo Feldmann, Benjamin Homo, Elodie Deschamps, James Williams and Lee Morlock of Mayer Brown acted as the legal advisor for Oberthur Technologies. Nicolas Bombrun, Robert S.LaRussa, John J.Madden, Marie Pouget, Lisa Raisner and Philippe Wolanski of Shearman & Sterling LLP, France Division acted as legal advisor for Bpifrance Investissement. Bpifrance Investissement and Oberthur Technologies SA completed the acquisition of Safran Identity and Security from Safran SA (ENXTPA:SAF) on May 31, 2017. Safran Identity and Oberthur Technoligies will form OT-MORPHO. Didier Lamouche, will serve as President of Executive Board and Marwan Lahoud will serve as Chairman of the Supervisory Board of Safran Identity. The Supervisory Board of the combined entity also includes, among others, the following members: Jean-François Cirelli, former Deputy Chief Executive Officer of GDF Suez, and Yann Delabrière, former Chairman of Faurecia, as Vice-Chairman. Anne Bouverot, formerly Chief Executive Officer of Safran Identity, becomes Senior Advisor to Advent International. The transaction received clearance from regulatory authorities.