Advent, a private equity fund, will sell Idemia's European identity verification business to IN Groupe.

According to sources familiar with the matter, the private equity firm Advent International is reportedly close to reaching an agreement to sell Idemia's European identity verification business to IN Groupe. The sources mentioned above said that the sale plan could be announced as early as this week. They added that the final agreement has not been reached yet, and details are subject to change. Reports in March of this year suggested that the sale of Idemia's division could be valued at up to 1 billion euros (1.1 billion US dollars). Representatives of Idemia and IN Groupe did not immediately respond to requests for comment outside of normal business hours in France. A spokesperson for Advent declined to comment. Based in France, Idemia was established in 2017 after Advent, then based in Boston, acquired the identity and security business of SAFRAN Group (SAFRY.US) and merged it with Oberthur Technologies, which it had acquired in 2011. Idemia's identity verification business provides physical and digital credentials for identity cards, passports, and driver's licenses. The report mentioned that last year, this major European biometric technology provider had also attempted to sell the entire company but failed due to price differences. As part of an early restructuring, its US ID division has been separated from its European operations. According to its website, IN Groupe, headquartered in Paris and formerly known as Groupe Imprimerie Nationale, has been working with the French government for nearly 500 years. This state-supported company currently offers secure identity and digital service solutions integrating electronic and biometric technologies.