French Smart Card Firms in Merger Deal

[Dildophus <dildo@americanbanker.com>]

NEW YORK -- Schlumberger Electronic Transactions, a leading French smart
card company, said Wednesday it signed a letter of intent to acquire
Soliac, a unit
of the French processing company Sligos that makes magnetic stripe and
smart cards.

The Schlumberger company's agreement to buy Solaic points to further
consolidation in the smart card industry, which has seen a number of
joint ventures
and acquisitions in the past year.

Solaic has manufacturing facilities in France and Spain. Its marketing
operations are
primarily in those countries, Germany, and the United Kingdom.

The proposed transaction, which is subject to the signing of definitive
agreements,
would include a partnership to develop smart-card-based systems.