Chinese Group Acquires 40% Of Ansaldo Energia
Agreement includes two joint ventures, cooperative development of turbine technology
Fondo Strategico Italiano (FSI) and Chinese group Shanghai Electric (SEC) have signed a long-term strategic agreement for the SEC acquisition of 40% of Ansaldo Energia.
The €400 million acquisition includes the establishment of two joint ventures between Genoa, Italy-based Ansaldo Energia and SEC for the manufacturing of gas turbines for Asian markets and the creation of an R&D center in Shanghai. Additionally, the R&D centers of Genoa and Shanghai will launch a cooperation project to develop new gas turbine technology.
The strategic partnership with SEC is said to be the largest Italian-Chinese agreement to date and could represent a major benchmark of economic relations between the two countries.
Besides the strategic agreement between FSI and SEC, Ansaldo Energia has signed a partnership with Doosan Heavy Industries of Korea for an R&D technology cooperation to develop a new gas turbine for countries with 60 Hz grids – North America, Brazil, Saudi Arabia and South Korea. The project will receive partial financing from the South Korean government.
FSI, an Italian holding company for equity investments, acquired an 85% stake of Ansaldo Energia from Finmeccanica and First Reserve in December 2013. FSI will remain the leading shareholder of Ansaldo Energia and confirmed its goal of seeking a public listing for the company in the medium term.
The closing of the transaction is expected by the end of the year following approval by government and antitrust authorities.