FSI sells 40% of Ansaldo Energia to SEC for €400m

FSI will retain a 45% stake in the company.

The divestment is part of a strategic partnership that will see Ansaldo Energia and SEC undertake two joint ventures: a research and development centre in Shanghai and the manufacturing of gas turbines for the Asian market.

FSI stated that the agreement will boost Ansaldo's sales by 20% and create 500 new jobs.

The Italian fund acquired 84.55% of the Genoa-based company in October 2013, in a deal valuing Ansaldo at more than €1bn.

FSI stated that it expected the SEC tie-in to be finalised by the end of 2014.

In addition to acquiring new minority stakeholders, Ansaldo has agreed a partnership with South Korean company Doosan Heavy Industries of Korea. The deal will see the company develop turbines for countries with 60Hz grids, including the US, Brazil, Saudi Arabia and South Korea.

Company
Founded in 1991 and based in Genoa, Ansaldo is a supplier and service provider of power generation plants and components.

People
Giovanni Gorno Tempini is chairman of FSI. Giuseppe Zampini is CEO of Ansaldo.

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