Thales is acquiring security company Gemalto for €51 per share. The combined entities will have more than 28,000 engineers, 3,000 researchers, and invest more than €1 billion in self-funded R&D, according to a statement from Thales.

Thales says it is committed to preserve employment in Gemalto’s French activities until at least the end of 2019. Thales recruited 6,000 people worldwide in 2017.

In connection with the transaction, Thales’s financial advisors are Lazard, Messier Maris & Associés and Société Générale, and its legal counsel are Cleary Gottlieb Steen & Hamilton and NautaDutilh. On behalf of Gemalto, Deutsche Bank and J.P. Morgan are acting as financial advisors and Allen & Overy and Darrois Villey Maillot Brochier are acting as legal counsel.

The transaction is expected to close in the second half of 2018, subject to customary closing conditions.

[Image courtesy: Thales]