US-based 3M will snap up biometric solutions provider Cogent Inc in a deal valued at USD 943 million, a step that will bolster the technology firm's product offerings.
The deal is the latest in a string of mergers and acquisitions in the global technology space. Earlier on Monday, chipmaker Intel announced it will buy Infineon Technologies AG's Wireless Solutions (WLS) business for USD 1.4 billion.
In a statement on Monday, 3M said the the proposed transaction with Cogent has an aggregate value of approximately USD 943 million.
The company will buy shares of Cogent at a price of USD 10.50 per piece. Cogent offers finger, palm, face and iris biometric systems for governments, law enforcement agencies, and commercial enterprises.
Both companies have entered into a definitive agreement for the proposed transaction, which has been approved by their respective boards.
The deal is expected to be complete in the fourth quarter of 2010.
"Adding Cogent Systems' products to our business strengthens our product portfolio and services in high security credential issuance and authentication systems and positions 3M's business in law enforcement applications," 3M Security Systems Division Vice-President and General Manager Mike Delkoski said.