MILAN Oct 4 Italy's Finmeccanica agreed to sell
power unit Ansaldo Energia to Italy's state-backed fund for 777
million euros ($1.06 billion), the aerospace and defence group
said on Friday.
State-backed lender Cassa Depositi e Prestiti, through its
Fondo Strategico Italiano fund, will buy 85 percent of Ansaldo
Energia by the end of 2013 and the rest via a put and call
option in 2017, for 777 million euros.
Under the deal, Finmeccanica will initially retain 15
percent of Ansaldo Energia and cash in 273 million euros, while
U.S. fund First Reserve will sell its entire 45 percent holding
The transaction also includes an earn-out worth up to 130
million euros, maturing in 2014, 2015 and 2016, linked to
economic results already laid out in the company's business