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“With this major strategic move, we will be able to focus on the development of our 3 high-tech long-term growth businesses, each of them able to sustainably deliver double-digit margins,” said Thales Chairman and CEO Patrick Caine in a statement.
Those three businesses are aerospace, defense & security, and digital identity & security.
The price tag of 1.66 billion euros corresponds to the enterprise value, including debt, of Thales’ unit, dubbed Ground Transportation Systems (GTS).
It reflects a multiple of 13.8 times of the unit’s twelve-month earnings before interest and taxes (EBIT), Thales said in a statement, adding that it expected the deal to close by the end of 2022 or the start of 2023.
Thales to sell signalling business to Hitachi in $2 billion deal
By Gwénaëlle Barzic
Reuters
PARIS (Reuters) -Thales, Europe s largest defence electronics company, said it was in advanced talks to sell its GTS railway signalling business to Japan s Hitachi in a deal that values the division at 1.66 billion euros ($2 billion).
The sale - which confirmed a Reuters exclusive - comes as the French company looks to streamline its sprawling operations and reassure investors of its core focus on making high-tech equipment for the defence and aerospace industries.
Thales shares were up 2.5% in early trading, among the top performers on the French stock market.