July 30, 2018 / 5:12 AM / a year ago

Oerlikon sells drive systems segment to Dana in 600 mln sfr deal

ZURICH, July 30 (Reuters) - OC Oerlikon said on Monday it had agreed to sell its drives unit to U.S. engineering company Dana Inc - a deal triggered after the Swiss company shelved a planned listing of the business.

Oerlikon said it had signed a definitive agreement to sell the business for an enterprise value of 600 million Swiss francs ($603.3 million) and expected to receive roughly the same amount of cash. The deal is expected to close by the first quarter of 2019 at the latest.

Oerlikon cancelled a listing for the unit earlier this month citing market volatility, adding to signs that the Swiss IPO market, which got off to a strong start this year, is cooling. ($1 = 0.9946 Swiss francs) (Reporting by John Revill; Editing by Gopakumar Warrier)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below