09:40 AM EDT, 03/11/2024 (MT Newswires) -- Crane NXT ( CXT ) , an industrial technology company, said Monday that it has agreed to acquire authentication services platform OpSec Security from Investcorp Technology Partners for $270 million in cash.

Crane said it expects the deal, which excludes OpSec's intellectual property protection segment Zacco, to be accretive to adjusted earnings next year, with a target double-digit return on invested capital by year five.

The deal is slated to be completed in Q2, Crane said.

Separately, Investcorp Europe Acquisition (IVCB) said it will amend its merger agreement with Zacco to reflect the sale of OpSec to Crane. Investcorp said the amendment includes separating the Zacco line of business, which OpSec acquired in April of last year.

Investcorp said it may proceed with the original agreement's transactions if the OpSec divestiture is terminated.

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