BAE snaps up Irish security specialist

Defence giant BAE Systems has agreed to buy Dublin-based financial security provider Norkom Group for more than £180 million.

BAE announced yesterday that it had 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, which represented a premium of approximately 36 per cent on Thursday's closing price. 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 it would provide an opportunity for accelerated growth in the fast growing cyber and intelligence services sector.