CFIUS gives clearance for Identiv’s sale of ‘Physical Security Business’

Identiv announced that the Committee on Foreign Investment in the United States or CFIUS, has approved the company’s transaction to sell its physical security, access card, and identity reader operations and assets to Vitaprotech, a security solutions provider. Identiv submitted notice of the proposed transaction to the U.S. government on May 9, 2024. Pursuant to Section 721 of the Defense Production Act of 1950, as amended, CFIUS reviewed the transaction. On August 15, 2024, Identiv received notification of approval from the Department of Treasury, on behalf of the Committee on Foreign Investment in the United States. CFIUS determined that there were no unresolved national security concerns; therefore, action under Section 721 with respect to the transaction was concluded. Having met all regulatory requirements and received shareholder approval of the transaction, all regulatory and statutory conditions for closing have been satisfied. Both parties are now proceeding to close the transaction promptly. Based on the anticipated time needed to complete the actions required to close, Identiv and Vitaprotech expect to close the transaction within 30 days following CFIUS approval. Upon closing of the transaction, Identiv will receive a cash payment of $145 M, subject to customary adjustments. The proceeds from the sale will significantly strengthen Identiv’s financial position, providing capital to pursue growth opportunities for its specialty IoT solutions business.