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17th April 2024 Issue no. 701

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BAE buys Irish security specialist

British defence giant BAE Systems has agreed to buy Dublin-based financial security provider Norkom Group for more than £180 million.
The company offered €2.10 per share for Norkom, valuing the company at some €217m (£182m).

The board of Norkom unanimously recommended that shareholders accept the offer. BAE subsequently acquired more than 57 per cent of Norkom shares, including undertakings from the directors.

Norkom's financial crime and compliance services are used in more than 100 countries. BAE chief executive Ian King said the deal "would provide an opportunity for accelerated growth in the fast growing cyber and intelligence services sector."

19th January 2011