Vitaprotech SAS entered into a definitive asset purchase agreement to acquire Physical security business from Identiv, Inc. on for approximately $150 million.

Vitaprotech SAS entered into a definitive asset purchase agreement to acquire Physical security business from Identiv, Inc. (NasdaqCM:INVE) on for approximately $150 million April 2, 2024. Under the terms of the agreement, Identiv will receive a cash payment of $145 million upon closing of the transaction, subject to customary adjustments. Identiv, Inc. will remain a publicly listed company on the Nasdaq stock exchange under the ticker symbol ?INVE".

Aligned with this strategic direction, Identiv announced the appointment of Kirsten Newquist as President, IoT Solutions, effective April 15, 2024. Upon closing, certain senior executives will join Vitaprotech, including Identiv Chief Executive Officer Steven Humphreys, at which time incoming President Kirsten Newquist will assume the role of Chief Executive Officer of Identiv. The transaction is subject to stockholder approval, customary closing conditions, Committee on Foreign Investment in the United States (CFIUS) and the Federal Trade Commission under the Hart-Scott-Rodino (HSR) Act.

Transaction is expected to close in Q3, 2024. Imperial Capital, LLC acted as financial advisor, Pillsbury Winthrop Shaw Pittman LLP acted as legal advisor and Craig-Hallum Capital Group LLC acted as fairness Opinion Provider to Identiv, Inc. Seven2 SAS acted as de diligence provider and Weil, Gotshal & Manges LLP acted as legal advisor to Vitaprotech SAS