The Committee on Foreign Investment in the United States ("CFIUS") has now approved Identiv's transaction to sell its physical security business and assets to Vitaprotech, the security solutions provider that also acquired British manufacturer, Tdsi in 2019. The Identiv sale was originally announced in April this year, but was subject to regulatory approval under the Hart-Scott-Rodino (HSR) Act and to approval from the Committee on Foreign Investment in the United States (CFIUS).
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.
CFIUS approval
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 million, 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.