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Finmeccanica SpA announces the closing of the sale of Ansaldo Energia

Monday, 23 Dec 2013 11:40am EST 

Finmeccanica SpA:Says it has closed on Dec. 23 the sale of its stake in Ansaldo Energia to Fondo Strategico Italiano.Says Finmeccanica sold its 39.55 pct stake in the company’s share capital for 277 million euros.Says the transaction consideration for 100 pct of the share capital is a fixed price of 777 million euros, and an earn-out component of up to 130 million euros maturing over the years 2014, 2015 and 2016, linked to the achievement by Ansaldo Energia of its current business plan targets.Says earn-out payments will occur in years 2015, 2016 and 2017.Says the remaining 15 pct stake held by Finmeccanica will be sold through a put and call option mechanism, to be exercised from June 30 to Dec. 31, 2017, with a cash inflow of 117 million euros, plus 6 pct interest pro rata temporis.Says the closing of the transaction, after fulfilling the conditions precedent and obtaining the approval of the relevant anti-trust authorities, contributes to consolidating Finmeccanica’s capital structure and constitutes a step in the implementation of Finmeccanica’s strategic plan. 

Company Quote

-0.085 -1.19%
23 Jul 2014