Finmeccanica announces the closing of the sale of Ansaldo Energia

Finmeccanica announces the closing of the sale of Ansaldo Energia

Roma  23 December 2013 17:32

Finmeccanica has closed today the sale of its stake in Ansaldo Energia to Fondo Strategico Italiano.
Finmeccanica sold its 39.55% stake in the company’s share capital for EUR 277 million. Considering the effect of the deconsolidation of Ansaldo Energia’s financial debt, the transaction will reduce the Group’s net financial position by approximately EUR 460 million, without considering the positive effects of the earn-out and put/call mechanisms described below.

The transaction consideration for 100% of the share capital is a fixed price of EUR 777 million, and an earn-out component of up to EUR 130 million maturing over the years 2014, 2015 and 2016, linked to the achievement by Ansaldo Energia of its current business plan targets. Earn-out payments will occur in years 2015, 2016 and 2017.

The remaining 15% stake held by Finmeccanica will be sold through a put and call option mechanism,to be exercised from 30 June to 31 December 2017, with a cash inflow of EUR 117 million, plus 6% interest pro rata temporis..

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 fundamental step in the implementation of Finmeccanica’s strategic plan, which
envisages strengthening the corporate governance, restructuring of operations and streamlining the
Group’s portfolio of activities. Finmeccanica will thus further focus its resources on the  Aerospace, Defence and Security sectors, developing new technologies and products – both civil and military – that represent its core activity, creating value for its shareholders and contributing to growing the technological capabilities of the Italian industrial system.