Siemens Sells Yunex to Atlantia for $1.1 Billion
January 17 2022 - 12:39PM
Dow Jones News
By Ed Frankl
Siemens AG said Monday that it had agreed to divest its
intelligent-transportation business Yunex Traffic to Atlantia SpA
for an enterprise value of 950 million euros ($1.08 billion).
Italian infrastructure company Atlantia filed a binding offer
for Yunex earlier in January, though it didn't make public
financial details.
The deal comes as Siemens continues to streamline and divest
itself of noncore businesses, including through recent listings of
its energy and medical-device divisions.
"Siemens is continuously sharpening and optimizing its portfolio
as a technology company focused on its core business," said Roland
Busch, the German industrial company's chief executive officer.
"We aim to deliver operating and growth synergies between our
assets and Yunex Traffic, with the intention of creating a highly
competitive, one-of-a-kind group," Atlantia's CEO Carlo Bertazzo
said.
Closure of the deal is expected in September and is subject to
regulatory approvals.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
January 17, 2022 12:24 ET (17:24 GMT)
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