Areva sells Canberra unit to Astorg for undisclosed price
PARIS (Reuters) - French nuclear reactor maker Areva (AREVA.PA) said it had agreed to sell its nuclear radiation measurement unit, Canberra, to private equity group Astorg Partners for an undisclosed amount.
The transaction is part of Areva's ongoing asset disposal plan aimed at reducing debt to allow it to invest elsewhere. It is expected to close in the first half of the year.
"The conclusion of this sale will allow the group to greatly exceed the floor target of 1.2 billion euros ($1.54 billion) for assets disposal over the 2012‐2013 period," said Areva in a statement.
Connecticut-based Canberra generated sales of around 250 millions euros last year and employs 1,050 people.
Sources close to the deal negotiations told Reuters in October that Astorg's offer valued Canberra at 310-350 million euros.