Advent in Talks to Buy Oberthur Tech

Advent International is in exclusive talks with the Savare family about buying 60% of French smartcard maker Oberthur Technologies, Reuters reported, citing news in Les Echos. The deal would reportedly value Oberthur at 1 billion euros ($1.44 billion).

(Reuters) – The Savare family behind Oberthur Technologies has entered into exclusive talks with private equity firm Advent International about selling it 60 percent of the French smartcard maker, Les Echos reported on Monday.

The paper said the deal valued Oberthur at around 1 billion euros ($1.44 billion).

Rival private equity buyers One Equity Partners, PAI and Bain have walked away from making a bid due to valuation and corporate governance issues, it added.

No-one at Oberthur Technologies was available for comment on Monday.

In 2010, Oberthur generated sales of 979 million euros.

(Reporting by Astrid Wendlandt; Editing by Will Waterman)