Wide-Moat Safran Plans to Acquire Zodiac Aerospace at Fair Price and Announces Special Dividend
On Jan. 19, wide-moat Safran announced plans to acquire cabin and seat supplier narrow-moat Zodiac Aerospace for EUR 8.5 billion, financed with a combination of cash on hand, including proceeds from the disposal of Safran Identity & Security; existing undrawn facilities; and a EUR 4 billion fully underwritten bridge loan. If the acquisition succeeds,Safran will distribute a special dividend of EUR 5.5 per share to its shareholders prior to the close. We think the deal price (EUR 29.47 per Z...
Safran designs, develops and manufactures high technology electronics through three businesses: Aerospace, Defense and Security. Aerospace includes Aerospace Propulsion (propulsion systems for commercial aircraft, military transport, training and combat aircraft, rocket engines, civil and military helicopters) and Aircraft Equipment (mechanical, hydromechanical and electromechanical equipment); Defense (optronic, avionic and electronic systems); and Security (biometric technologies for fingerprint, iris and face recognition, identity management products, access management and transaction security, including tomographic systems for detection of dangerous or illicit substances in baggage).
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