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Oberthur Technologies eyes sales growth as launches IPO
October 20, 2015 / 7:08 AM / 2 years ago

Oberthur Technologies eyes sales growth as launches IPO

PARIS, Oct 20 (Reuters) - French smartcard maker Oberthur Technologies IPO-OBER.PA, owned by Advent International, said on Tuesday that it expects sales to exceed 1 billion euros ($1.13 billion) this year as it announced plans for a Paris share listing this year.

This compares with revenue of 960 million euros in 2014, Didier Lamouche, chief executive of the world’s second largest manufacturer of smartcards behind Gemalto, told a conference call.

Oberthur Technologies said it had registered with French authorities for an initial public offering (IPO) on the Euronext Paris exchange.

“The explosion in connected objects, with the growing need to secure these devices, provides considerable development opportunities,” the company said in a statement.

Oberthur Technologies develops security software embedded in cards and other devices for making payments and giving access to transport networks or buildings.

Advent bought 90 percent of Oberthur in 2011 for 1.15 billion euros while the company’s founder Jean-Pierre Savare and his family retained a 10 percent stake.

Reuters reported last month that Advent was going ahead with an IPO for Oberthur Technologies, having rebuffed a joint bid made by two other private equity firms, Carlyle and Eurazeo. ($1 = 0.8828 euros) (Reporting by Matthieu Protard and James Regan, Editing by Dominique Vidalon and Louise Heavens)

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