Safran announces the completion of the sale of its identity and security activities to Advent International for Euro 2.4 billion (approximately USD 2.7 billion).
Safran announces the completion of the sale of its identity and security activities to Advent International for Euro 2.4 billion (approximately USD 2.7 billion).
As announced on September 29, 2016, the transaction will result in a pre-tax capital gain to be recorded in Safran's first-half 2017 accounts.
The identity and security activities had been classified as "discontinued" in Safran's 2016 accounts. Safran's financial outlook, issued upon publication of 2016 annual results on February 24, 2017, refers to "continuing operations" and is unaffected by this change in scope.
This transaction follows the sale of the detection activities in April 2017. Safran has therefore completed its strategic refocusing announced at its Capital Markets Day in March 2016. The Group is now entirely focused on aerospace and defense, and concentrated on its own path of strong growth and high profitability. The contemplated acquisition of Zodiac Aerospace by Safran would create the world's third largest player in aerospace and the world's second largest player in aircraft equipment.