Assa Abloy AB, the world’s largest lock maker, said Tuesday it agreed to buy ActivIdentity Corp., a provider of identification products, for about $162 million.
The offer of $3.25 per share represents a premium of about 44 percent over ActivIdentity’s closing stock price on Monday. On Tuesday, ActivIdentity’s shares jumped 95 cents, or 42 percent, to $3.21 in morning trading. Over the past year, shares of the Fremont, Calif., company have traded between $1.77 and $3.33.
Assa Abloy, based in Sweden, said ActivIdentity’s credential management and authentication products will complement its business.
The boards of both companies have approved the deal, which is expected to close in December. Initially, Assa Abloy expects the acquisition to slightly reduce its earnings per share.
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