(Finance) – Salcef Group acquires, through the subsidiary Euro Ferroviaria, the company branch operating in the railway sector, owned by the PSC Group. The closing – a note reads – was finalized today and the Acquisition, not subject to any condition precedent, is expected to take effect from 1 May 2022.
“We are very satisfied to be able to integrate an important Italian entrepreneurial reality into our Group – commented Valeriano Salciccia, Chief Executive Officer of Salcef Group -. This operation allows us, in fact, to consolidate our leadership in the railway electric traction sector and, above all, it allows us to develop business segments such as railway signaling, the construction of substations for the production of electricity and technological systems in tunnels, in which we expect a notable and immediate development, generated by the huge investments within the National Recovery and Resilience Plan and more generally by the projects for the upgrading and technological adaptation of the Italian railway network “.
“From the perspective of PSC, the transaction in question is at the service and implementation of the changed group strategybased on choices related to the redefinition and focus of the strategic plan in new areas, such as telecommunications “, said Umberto Pesce, President of PSC Group.
The consideration for the transaction, equal to approximately 26.6 million euros, refers to an Enterprise Value of 27 million euros and is subject to the usual price adjustment mechanisms (upwards or downwards), based on adjustments to the working capital items making part of the Company Branch. The payment was made at the same time as the closing, except for a portion equal to 3.5 million euro, which will be paid upon the occurrence of certain contractually defined conditions.
The acquisition was entirely financed by the Salcef Group’s own funds.