January 17, 2008 / 7:28 AM / 10 years ago

Safran completes broadband sale

PARIS (Reuters) - French conglomerate Safran (SAF.PA) said on Thursday it had completed the sale of its broadband unit Safran Communications to The Gores Group for 383 million euros.

The deal takes effect on January 25.

    ”At that time, The Gores Group will be the majority shareholder in Sagem Communications.

    “Among the minority shareholders, about 20 percent of the capital will be held by a group of employees and management, and 10 percent by Safran,” the company said in a statement.

    The unit specializes in broadband communications and convergence activities, including printing terminals, digital TV set-top boxes, broadband and residential terminals.

    Reporting by Tim Hepher

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