PR Newswire/Les Echos/
A new shareholder for Sagem Communications
SAFRAN finalizes transfer to The Gores Group
Paris, January 17, 2008
SAFRAN and The Gores Group have finalized the acquisition by The Gores Group of
Sagem Communications for 383 millions euros.
The transfer agreement was signed on January 16, following consultations with
all unions and after
receiving the necessary authorizations from French and European authorities.
The transaction will
take effect on January 25.
At that time, The Gores Group will be the majority shareholder in Sagem
the minority shareholders, about 20% of the capital will be held by a group of
management, and 10% by SAFRAN.
Sagem Communications' core businesses are broadband communications and
activities, including printing terminals, digital TV set-top boxes, broadband
terminals, telecom systems and partnerships.
The company has 6,500 employees worldwide, and posted sales of 1.2 billion
euros in 2007.
Xavier Lagarde, a member of the SAFRAN Executive Board and head of the Group's
Communications branch, said: 'The Gores Group can provide Sagem Communications
resources needed to develop its business and seize current market opportunities
, enabling it to
reach critical mass and play a top-tier role in the global market.'
Jean-Paul Herteman, Chief Executive Officer of SAFRAN, said: 'We are satisfied
with this solution,
since it protects the interests of both SAFRAN's shareholders and the customers
and employees of
Sagem Communications. This transaction is a first step in the refocusing of
SAFRAN's business on
its three growth markets, namely aerospace, defense and security.'
SAFRAN is an international high-technology group with four core businesses:
Propulsion, Aircraft Equipment, Defense Security, and Communications. It has
more than 63,000
employees in over 30 countries, and annual revenues of 12 billion euros. The
comprises a number of companies with prestigious brand names, and holds, alone
partnership, global or European leadership positions in all of its markets.
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