EU clears Smiths’ purchase of Morpho Detection

January 19, 2017

British engineering firm Smiths Group (SMIN.L) secured EU regulatory approval on Thursday for its planned acquisition of Morpho Detection from France’s Safran (SAF.PA).

The European Commission, which oversees competition policy in the European Union, said its approval was conditional on the divestment of Morpho Detection’s explosive trace detection business, such as used at airports and by the military.

Safran agreed to sell the U.S.-based Morpho Detection business and related activities for an enterprise value of $710 million.

Morpho Detection will become part of Smiths Group’s Detection division, which designs and manufactures sensors that detect and identify explosives, weapons, chemical agents and other contraband.

Source: Reuters