SAFRAN : 05/19/2015 Safran sells 5.5% of Ingenico Group to Bpifrance Participations
May 19, 2015 at 06:13 pm
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Paris, May 19, 2015 - Morpho, a wholly owned subsidiary of Safran (Euronext Paris : SAF), announces the sale of 3 335 935 Ingenico Group shares in an off-market block trade to Bpifrance Participations at a price of 109 Euros per share, representing an aggregate sale price of 363 616 915 euros. The two Directors who had been proposed by Safran have tendered their resignation to the Chairman of Ingenico Group's Board of Directors.
Morpho became a shareholder of Ingenico Group in 2008 when it received, via a capital increase, a 23.6% stake in consideration for the contribution to Ingenico Group of Sagem Monetel, Morpho's payment terminal business. On March 15, 2013, Morpho sold a fraction of its stake, representing 12.6% of Ingenico Group's share capital, via a private placement.
The after-tax capital gain resulting from today's sale to Bpifrance Participations amounts to approximately 251 million euros and will be recorded in Safran's first half 2015 consolidated accounts.
Following today's transaction, Morpho will hold 2 180 709 Ingenico Group shares representing approximately 3.6% of Ingenico Group's share capital. Morpho will gradually sell this residual stake in the market or via off-market block trades to identified investors. In this context, Morpho will take out hedging contracts. Further capital gains will be recorded as the transactions progress.
Philippe Petitcolin, CEO of Safran declared: "Safran is proud to have played a part for seven years in Ingenico Group's development, bringing it Telium, the world-leading payment technology. This expertise, allied with remarkably energetic management, has allowed Ingenico Group to become a world leader in integrated payment solutions and to create tremendous value for our Group."
Safran is a high technology international group, a leading equipment provider in the Aerospace and Defense markets. The group specializes in the design, manufacturing, and marketing of equipment and systems of high technology mechanical and electronic equipment. Net sales break down by product family as follows:
- aeronautic and space propulsion systems (51.2%): helicopter motors (No. 1 worldwide), civil and military airplanes motors, systems for space lancers and missiles, turboreactors for drone targets, etc.;
- aircraft equipment, defense systems and aerosystems (38%): airplane engine pods, landing gear, braking systems, electric wiring systems, etc. Safran also offers on board aircraft systems and equipment (primarily evacuation slides, emergency arresting systems, protective parachutes and oxygen systems, electrical power management systems, control systems, water and waste management systems and connectivity systems) and defense and security systems (helicopter flight controls, fingerprint-based biometric identification systems (No. 1 worldwide), inertial systems, optronic systems, tactical drone systems, etc.);
- aircraft interiors (10.7%): cabin interiors and seats;
- other (0.1%).
Net sales are distributed geographically as follows: France (19.4%), Europe (24%), the Americas (34.8%), Asia and Oceania (13.2%), Africa and the Middle East (8.6%).