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Edition: U.S. Article Comments (0) Save Email Print Reprints Most Popular Most Shared Hurricane Earl strengthens, could swipe U.S. east 9:21am EDT UPDATE 1-Hurricane Earl strengthens, could swipe U.S. east 9:21am EDT Hurricane Earl strengthens, could swipe U.S. East Coast 10:13am EDT Saudi couple "hammer 24 nails" into Sri Lankan maid 26 Aug 2010 Windows DLL load hijacking exploits go wild 24 Aug 2010 Woman buries brother, discovers dead son 20 Aug 2010 Tropical Storm Earl poised to become hurricane 28 Aug 2010 Wall Street edges lower on investor wariness 10:20am EDT Hurricane Earl strengthens in Caribbean 5:53am EDT Analysis: The uncomfortable mathematics of monetary policy 28 Aug 2010 Strange and unusual 26 Aug 2010 Hurricane Katrina: A chronology 27 Aug 2010 Hurricane Earl strengthens, could swipe U.S. east 9:21am EDT Facebook Places just too much information? 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For a complete list of exchanges and delays, please click here. 3M to buy Cogent for more than $900 million Digg This Tweet This Share on LinkedIn Share on Facebook Related News US STOCKS-Futures flat after M&A flurry as investors cautious 8:05am EDT REFILE-DEALTALK-US firms eye M&A to buy growth in slow economy Mon, Aug 23 2010 US STOCKS-Economic woes trip up Wall St in light volume Mon, Aug 23 2010 Wall St slips in light volume on economic woes Mon, Aug 23 2010 US STOCKS-Wall Street flat as M&A stir fades Mon, Aug 23 2010 Related Topics Technology » iPad » Deals » Hot Stocks » Asian Markets » Inflows Outflows » By Nick Zieminski NEW YORK | Mon Aug 30, 2010 10:35am EDT NEW YORK (Reuters) - Diversified U.S. manufacturer 3M Co on Monday said it agreed to buy Cogent Inc for more than $900 million, paying a nearly 18 percent premium for the biometric identification systems company. 3M said it would pay $10.50 a share to buy Cogent, whose shares jumped 19.8 percent to $10.68 in early trading, suggesting the market considers a rival bid possible. 3M shares were down 40 cents at $80.60. Cogent, based in Pasadena, California, makes automated fingerprint and palmprint identification systems -- called biometrics -- that allow its customers to capture fingerprint and palm print images electronically, encode prints into searchable files, and compare sets of prints. 3M makes systems for creating and validating documents like passports, as well as products used at national borders. It said the deal will help it expand in the market for law enforcement systems, and estimates the $4 billion biometric market will grow by 20 percent a year. 3M's Chief Executive George Buckley said last week that the company could spend about $2 billion on acquisitions in 2010, double its previous estimate for the year. About half of Cogent's revenues come from the U.S. Department of Homeland Security, so a rival bid by overseas rivals like France's Safran or Japan's NEC Corp. was not likely, said analyst Frederick Ziegel of Blue Water Capital Markets LLC. "It's very heavily government business and it's very heavily big deals. That is a recipe for very volatile financial results," Ziegel said, adding that biometrics companies were typically valued at about three to four times 2011 sales, and the Cogent deal falls in that range. TARGETING LAW ENFORCERS Biometrics has become a widely accepted technology around the world although privacy concerns have posed a barrier to its adoption in some markets. The technology is moving toward mobile applications, such as handheld scanners, for uses like law enforcement and voting. 3M said the deal was worth $943 million, but a calculation based on 88.8 million Cogent shares outstanding put the value at $932 million. A 3M spokeswoman said she was not immediately able to explain the slight discrepancy. Net of cash acquired in the deal, 3M said it was paying $430 million for Cogent. The transaction is expected to close during the fourth quarter of the year. Cogent had about $130 million in revenue in 2009. 3M expects the purchase to be dilutive to earnings by 9 to 10 cents per share over the first 12 months after closing. Excluding purchase accounting adjustments and integration costs, its expects the deal to add to earnings by 1 to 2 cents per share. J.P. Morgan advised 3M, while Credit Suisse and Goldman Sachs acted as financial advisers to Cogent Systems. A series of deals for mid-tier defense companies has lifted valuations of companies that provide the niche surveillance and intelligence technologies. It is an area where large defense contractors like Boeing have been stepping up investment. As the United States strengthens its focus on national security, Boeing's peers Lockheed Martin Corp, Northrop Grumman, General Dynamics, Goodrich Corp and BAE Systems Plc, are eyeing a bigger slice of the surveillance and intelligence market. Cogent competitor L-1 Identity Solutions, a maker of fingerprint and iris recognition devices, said last week it was close to announcing a deal, which analysts peg at around $1 billion. L-1 put itself up for sale in March. L-1 shares were down 2.9 percent in early trading to $8.66. France's Safran could end up winning that business, said Ziegel, of Blue Water. "Safran has taken a couple of deals from Cogent, and maybe that's partly driving this" deal with 3M, Ziegel said. (Additional reporting by Michael Erman in New York and Bijoy Anandoth Koyitty in Bangalore, editing by Dave Zimmerman) Technology iPad Deals Hot Stocks Asian Markets Inflows Outflows Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Mobile Newsletters RSS Podcasts Widgets Your View Analyst Research Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Reuters on Facebook Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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