PR Newswire/Les Echos/
Safran divests part of its stake in Ingenico.
Safran remains a significant shareholder
(10,2% of share capital, approximately 17% of voting rights).
Paris, March 15, 2013 - Safran (NYSE Euronext Paris: SAF) today announced that
its subsidiary Morpho has divested part of its stake in payment solutions
provider Ingenico (NYSE Euronext Paris: ING) by way of a private placement,
through an accelerated book building process 6.6 million shares representing
12.57% of the share capital of Ingenico, were sold at a price per share of Euro
43.45, for a total amount of Euro 286.8 million.
The resulting after tax profit for Safran, calculated on the basis of a value
per Ingenico share of 22.74 euros in Safran's consolidated accounts at
31 December 2012, is approximately Euro 130 million and will be recorded in
Safran's first half 2013 consolidated accounts.
Safran became an Ingenico shareholder in 2008 via a capital increase in return
for contributing its payment terminal businesses (Sagem Monetel) to Ingenico,
valued in Safran's consolidated sales at that time at 19.23 euros per Ingenico
As per market practice, in the context of this accelerated book building, Safran
has committed not to sell any further Ingenico shares for a lock up period of 90
days. Futhermore, as a holder of 10.2% of share capital and of approximately 17%
of voting rights (on the basis of Ingenico's voting rights calculation as of
28 February 2013), Safran intends to remain a significant shareholder of
Ingenico and contribute to its continued development. Moreover, Safran
reiterates its confidence in the management team led by Philippe Lazare in
pursuing Ingenico's strategy of growth and diversification in payment services.
The joint lead-managers of the placement and joint book-runners were Crédit
Agricole CIB and HSBC.
Safran is a leading international high-technology group with three core
businesses: Aerospace (propulsion and equipment), Defence and Security.
Operating worldwide, the Group has 62,500 employees and generated sales of 13.6
billion euros in 2012. Working alone or in partnership, Safran holds world or
European leadership positions in its core markets. The Group invests heavily in
Research & Development to meet the requirements of changing markets, including
expenditures of 1.6 billion Euros in 2012. Safran is listed on NYSE Euronext
Paris and is part of the CAC40 index.
For more information, www.safran-group.com / Follow@SAFRAN on Twitter
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Pascal Bantegnie +33 (0)1 40 60 80 45
Peter Campbell +33 (0)1 40 60 35 96
Antoine-Pierre de Grammont +33 (0)1 40 60 80 47
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-0- Mar/15/2013 08:52 GMT
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