Safran sells 5.5% of Ingenico Group to Bpifrance
Paris, May 19, 2015 - Morpho, a wholly owned subsidiary of Safran (Euronext Paris : SAF), announces the sale of 3 335 935 Ingenico Group shares in an off-market block trade to Bpifrance at a price of 109 Euros per share, representing an aggregate sale price of 363 616 915 euros. The two Directors who had been proposed by Safran have tendered their resignation to the Chairman of Ingenico Group's Board of Directors.
Morpho became a shareholder of Ingenico Group in 2008 when it received, via a capital increase, a 23.6% stake in consideration for the contribution to Ingenico Group of Sagem Monetel, Morpho's payment terminal business. On March 15, 2013, Morpho sold a fraction of its stake, representing 12.6% of Ingenico Group's share capital, via a private placement.
The after-tax capital gain resulting from today's sale to Bpifrance amounts to approximately 251 million euros and will be recorded in Safran's first half 2015 consolidated accounts.
Following today's transaction, Morpho will hold 2 180 709 Ingenico Group shares representing approximately 3.6% of Ingenico Group's share capital. Morpho will gradually sell this residual stake in the market or via off-market block trades to identified investors. In this context, Morpho will take out hedging contracts. Further capital gains will be recorded as the transactions progress.
Philippe Petitcolin, CEO of Safran declared: "Safran is proud to have played a part for seven years in Ingenico Group's development, bringing it Telium, the world-leading payment technology. This expertise, allied with remarkably energetic management, has allowed Ingenico Group to become a world leader in integrated payment solutions and to create tremendous value for our Group."
First Half 2015 results July 30, 2015