Finmeccanica has finalized the agreement with the Italian Strategic Fund (FSI) for the sale of the stake in Ansaldo Energia. The aerospace group sold a 39,55% stake in the company's capital, for a value of 277 million.
"Considering the benefit deriving from the deconsolidation of Ansaldo Energia's financial debts - underlines Finmeccanica -, the transaction will lead to a reduction in the group's net financial position of approximately 460 million, without taking into account the effects deriving from subsequent earn-out mechanisms and put/call”.
The transaction took place at a fixed reference price of 777 million euro and an earn-out of up to 130 million euro which will accrue in 2014, 2015 and 2016, subject to Ansaldo Energia achieving the economic results of the business plan already approved by the company, with related possible collection in the years 2015, 2016 and 2017.
The remaining 15% stake in Finmeccanica will be sold, through a put/call option mechanism, between 30 June 2017 and 31 December 2017, with proceeds of 117 million euros, plus interest of 6% pro rata temporis. The closing of the sale of Ansaldo Energia, "completed after satisfying the conditions precedent and having obtained the approval of the Antitrust authorities, contributes to the capital consolidation of Finmeccanica and constitutes a fundamental step in the Group's strategic plan, which envisages the strengthening of governance, the operational and management restructuring and the restructuring of the business portfolio”.
“Finmeccanica will thus be able to concentrate its resources in the Aerospace, Defense and Security sector, develop technologies and products – both civil and military – which represent its core business, creating value for shareholders and thus contributing to the growth of the technology of the Italian industrial system”, concludes the press release from the Piazza Monte Grappa group.
