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 share.
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.
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