Ansaldo Energia stake sold to US investor

Italian industrial group Finmeccanica announced Wednesday a deal to sell a 45 per cent stake in its power engineering business Ansaldo Energia unit to US private equity firm First Reserve Corporation.
 
Finmeccanica, which includes defence and aerospace interests, said the sale valued Ansaldo Energia at EUR1.23bn and would assist in fueling Ansaldo Energia's international growth.
 
First Reserve Corporation is a specialist investor in the energy sector, including companies in oil, gas and mining such as Glencore International.
 
Ansaldo Energia supplies power plant technology and services including gas turbines and nuclear power plant equipment.
 
The three advisors for Finmeccanica on the Ansaldo Energia deal were BNP Paribas (BNPP.FR), UniCredit (UCG.MI) and Intesa Sanpaolo's (ISP.MI) unit Banca IMI. First Reserve will get as much as EUR650m ($900m) of loans to fund its purchase of a stake in Ansaldo Energia.
 
Finmeccanica will be paid EUR95m in relation to a 25 year agreement licensing the use of the “Ansaldo” trademark as well as receiving a dividend payment of EUR65m. Finmeccanica will benefit from an improved consolidated net financial position by about EUR330m (pro-forma at 31 December 2010) and a capital gain net of taxes of about EUR450m.
 

Finmeccanica’s Board of Directors has approved the terms of the transaction, which is expected to be completed. The deal is expected to be completed before the end of the first half of 2011 and will bring to an end a prolonged search for a partner. Previous candidates considered by Finmeccanica included Japan’s Mitsubishi and Russia's Power Machines.

For more business news click here.

 

Sponsored by FLSmidth

Related Articles

Duke Energy completes ash excavation at W.S. Lee Steam Station

Duke Energy (NYSE: DUK) has submitted filings, to state regulators, outlining additional ash excavation plans for its W.S. Lee Steam Station in Belton, South Carolina.

Some see gas as replacement for Vermont Yankee

About to lose their biggest employer and taxpayer with the closing of the Vermont Yankee nuclear plant, local leaders in Vernon are hoping a gas-fired power plant will be built to replace it.

Follow Power Engineering on Twitter

Latest News

Shutterstock coal production trucks

Weekly Coal Production

The Weekly Coal Production shows how much coal is being produced across the U.S.

Federal Reserve Bank of Dallas Weekly Economic Indicators financial business

The Federal Reserve Bank of Dallas' Economic Indicators

The Federal Reserve Bank of Dallas offers a glimpse into how the markets are doing domestical...

Kvaerner awarded contract for gas-fired power plant in Delaware

Kvaerner North American Construction Inc. and its joint venture partner, Parsons Brinckerhoff...

Canadian Solar purchases two solar projects

Canadian Solar Inc. has acquired a majority interest in two utility-scale solar power project...

Operators Restart Unit 2 at PPL Susquehanna

Unit 2 at the PPL Susquehanna nuclear power plant near Berwick, Pa. resumed generating electr...

Settlement agreement limits cost recovery at Edwardsport

The Indiana Utility Regulatory Commission (IURC) on Dec. 27 modified and approved a settlemen...

Toshiba in talks to sell portion of Westinghouse nuclear unit

Toshiba Corp is in talks  to sell up to 16% of its stake in the Westinghouse Electric Co...

Utah nixes nuclear waste storage facility

Plans to park radioactive waste at a storage facility in Utah have been officially called off.

Power Engineering Current Issue

03/01/2014
Volume 118, Issue 3
1403PE-cover

Products Showcase

Dynamic Fluoride Ion cleaning DFIC of industrial natural gas turbines Hi-Tech Furnace Systems

Dynamic Fluoride Ion Cleaning of IGT Parts

The Dynamic Fluoride Ion Cleaning (DFIC) Process from Hi-Tech Furnace Systems is able to clean deep, narrow cracks of oxides by cycling between negative, atmospheric, and positive pressure.

Archived Articles

2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013

Buyers Guide Categories

Buyers Guide Product Listings

Staffing Services

Since 1986, NAES has provided distinctive staff...

Project Support Services

Staffing has been one of our core competencies ...

Power Industry Wire News

American Leisure Holdings, Inc. Reports on Wholly Owned Subsidiary Financials

American Leisure Holdings, Inc. Reports on Wholly Owned Subsidiary Financials

Airbus Group Completes Successful Flight Tests of Laser-Based Airspeed Sensor System

Airbus Group Completes Successful Flight Tests of Laser-Based Airspeed Sensor System

Bayport International Holdings, Inc. (BAYP) Announces Completion of the Brown Lease in McIntosh County, Oklahoma

Bayport International Holdings, Inc. (BAYP) Announces Completion of the Brown Lease in ...

National Hockey League Names Constellation Its Official Energy Provider, Will Offset Carbon Footprint Across All 30 Team Markets

National Hockey League Names Constellation Its Official Energy Provider, Will Offset Ca...

BioCNG, LLC Announces Groundbreaking on BioCNG Vehicle Fuel System and Pipeline for Grand Junction, Colorado's Persigo WWTP

BioCNG, LLC Announces Groundbreaking on BioCNG Vehicle Fuel System and Pipeline for Gra...

Power Engineering

Article Archives for Power Engineering Magazine

Continuing Education

Professional Development Hours

To access a course listing associated to a specific topic listed below, click on the topic of choice from the list below.

Latest Energy Jobs

View more Job Listings >>