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Provider: Reuters Investment Profile
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Finmeccanica SpA To Sell Power Unit To Italy State Fund For EUR777 Million-Reuters

Friday, 4 Oct 2013 05:56pm EDT 

Reuters reported that Finmeccanica SpA agreed to sell power unit Ansaldo Energia to Italy's state-backed fund for EUR777 million ($1.06 billion). State-backed lender Cassa Depositi e Prestiti, through its Fondo Strategico Italiano fund, will buy 85% of Ansaldo Energia by the end of 2013 and the rest via a put and call option in 2017, for EUR777 million. Under the deal, Finmeccanica will initially retain 15% of Ansaldo Energia and cash in EUR273 million, while U.S. fund First Reserve will sell its entire 45% holding to FSI. The transaction also includes an earn-out worth up to EUR130 million, maturing in 2014, 2015 and 2016, linked to economic results already laid out in the Company's business plan. 

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11 Jul 2014