Monday, August 30, 2010
Cogent In $943M Acquisition By 3M
Pasadena-based Cogent, the developer of fingerprint and other biometric readers, is being acquired by 3M, the two companies announced today. According to 3M and Cogent, 3M is acquiring Cogent for $10.50 per share, worth approximately $943M, or $430M net of cash acquired. The firms said the deal would help Cogent accelerate its growth and reach in the market. The companies said that publicly held Cogent had approximately $130M in revenue in 2009, and employs approximately 500. Cogent will become part of 3M's Security Systems Division, with founder Ming Hsieh remaining as an "integral part" of the business. 3M was advised by J.P. Morgan in the deal, with Cogent advised by Credit Suisse and Goldman, Sachs, & Co. Cogent, which trades on the Nasdaq as COGT, had gone public in September of 2004.