Crane NXT to buy OpSec Security for $270 million
IVCB
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NEW YORK – Investcorp Europe Acquisition Corp I (NASDAQ:IVCB), a special purpose acquisition company, has announced the sale of OpSec Security to Crane NXT, Co. for $270 million in cash. The transaction is part of a restructured business combination agreement (BCA) and separates Zacco, a Copenhagen-based intellectual property management firm, from OpSec.
The divestiture of OpSec is expected to close in Q2 2024, independent of the BCA’s other transactions. Investcorp Europe’s Board is currently evaluating an amended BCA to potentially merge with Zacco and will seek a deadline extension to December 17, 2024, to complete any initial business combination.
Hazem Ben-Gacem, Chairman of Investcorp Europe, stated the OpSec sale at an attractive valuation allows shareholders to realize value as the company considers the amended BCA with Zacco. The net proceeds from the OpSec divestiture will be held in escrow, to be released upon the BCA’s transaction closing or upon its termination.
Investcorp Europe will file additional details about the OpSec divesture and the BCA amendment with the Securities and Exchange Commission, which will be accessible at www.sec.gov.
Zacco has a history of approximately 150 years and is recognized for its lifecycle approach to intellectual property assets and services. The company’s separation from OpSec aims to allow it to operate as a stand-alone entity, focusing on its core offerings in intellectual property rights and strategic advisory services.
Investcorp Europe Acquisition Corp I, which went public in December 2021, was formed to facilitate mergers, acquisitions, and similar business combinations in Western and Northern Europe, with a focus on business services, consumer and lifestyle, niche manufacturing, and technology sectors.
This news is based on a press release statement.
