Finmeccanica and Hitachi announce that today the closing of the transactions relating to the acquisition by Hitachi of the current business of AnsaldoBreda SpA, with the exception of some revamping activities and certain residual contracts, as well as the entire investment held by Finmeccanica in Ansaldo STS SpA (“Ansaldo STS”), equal to approximately 40% of the share capital of the same. Finmeccanica has selected Hitachi as the best industrial partner to ensure a successful long-term positioning for its Transportation business.
The integration with Hitachi will ensure the best possible future for the businesses of Ansaldo STS and AnsaldoBreda as well as for their employees. The Chief Executive Officer and General Manager of Finmeccanica, Mauro Moretti, declared: “with the sale of the rail transport business, Finmeccanica is now a company entirely focused on Aerospace, Defense and Security. This represents a fundamental stage in the execution of our Industrial Plan aimed at focusing and strengthening the Group in the core business and at achieving our economic and financial objectives. I am sure that AnsaldoBreda and Ansaldo STS will play a key role in the development of Hitachi Rail's business worldwide".
Alistair Dormer, Global Chief Executive Officer of Hitachi Rail said: “Through these acquisitions, Hitachi will be able to strengthen its position in the signaling and rail traffic management sector, expand its turnkey solutions offer and grow its portfolio with world-class products. The combination and complementarity of the Ansaldo and Hitachi portfolios represent a unique opportunity to capture potential growth in new markets.”
In line with the agreements signed on 24 February 2015 and following the distribution of a dividend of 0,15 euros, as communicated on 6 March 2015, the purchase price of Ansaldo STS shares is equal to Euro 9,50 per share, for a total consideration of Euro 761 million for the entire stake sold. Following the closing of the transaction, Hitachi will launch a mandatory tender offer on the remaining shares of Ansaldo STS, pursuant to and in compliance with Italian law.
