Fondo Strategico buys Ansaldo Energia

Finmeccanica sold 39.55% of its 55% stake and First Reserve divested its 45% shareholding in the company.

Fondo Strategico Italiano, the €4bn fund backed by the Cassa Depositi e Prestiti, has agreed to acquire Finmeccanica's remaining stake by 2017, supported by a further deferred payment of €116.5m. The agreement also includes an earn-out payment of up to €130m, linked to the achievement of certain targets between 2014-2016.

The new owner will seek industrial partners to boost the growth of Ansaldo in international markets. Siemens had tabled a €1.3bn offer for the company in 2012 but refused to up the bid and walked away from the deal, reports said last year.

Fondo Strategico is also reported to be considering the acquisition of Finmeccanica's train-maker Ansaldo Breda and rail signalling unit Ansaldo STS.

Finmeccanica, which is part-owned by the Italian state, has sold the asset to help reduce its debt. The firm's credit rating currently stands at junk status. Last year, the struggling company and private equity firm Cinven sold aerospace group Avio to General Electric for €3.3bn.

Previous funding
First Reserve acquired a 45% stake in Ansaldo Energia in March 2011 via a holding company. The transaction valued the company at €1.23bn.

Company
Ansaldo Energia develops and manufactures gas turbines, steam turbines and generators that are supplied to power companies and industrial players. The firm has 3,400 employees, the majority of which are based in Italy.

Ansaldo was founded in 1991 and is based in Genova. Revenues fell to €1.1bn in 2012, down from €1.3bn in 2010. 

People
Giovanni Gorno Tempini is chairman of Fondo Strategico. Roberto Marsella is an investment director.

Advisers
Equity – Lazard (Corporate finance); Gianni Origoni Grippo Cappelli & Partners (Legal).

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• Topics
• Southern Europe
• Industrials
• Buyouts
• Exits
• Italy
• Fondo Strategico Italiano
• First Reserve Corporation