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Apple to buy rivals' supplier AuthenTec for $356 million

Apple to buy rivals' supplier AuthenTec for $356 million

By Reuters | Updated: 27 July 2012 18:32 IST

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Apple Inc has agreed to buy AuthenTec Inc for $8.00 per share, the maker of fingerprint sensor chips used in personal computers said, in a deal valued at about $356 million.

AuthenTec makes security software and chips for mobile phones that it licenses to companies such as Samsung Electronics Co Ltd. It also produces chips for fingerprint recognition and near-field communication (NFC).

Melbourne, Florida-based Authentec disclosed the deal in a filing with the U.S. Securities and Exchange Commission.

Based on Thursday's closing price $5.07, the offer represents a premium of 58 percent for AuthenTec's shares.

AuthenTec, which also counts Lenovo Group Ltd, Fujitsu Ltd and Dell Inc as customers, has annual revenue of about $70 million.

Piper Jaffray advised in the deal, the company said.

Copyright Thomson Reuters 2012

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Further reading: Apple, AuthenTec, Mobile Security