Wide-Moat Safran to Acquire Zodiac at Attractive Price; Announces Share Buyback
On May 24, Safran announced a revised offer of EUR 7 billion to acquire cabin and seat supplier Zodiac Aerospace, partly financed with proceeds from the disposal of Safran Identity & Security. The revision better reflects Zodiac's profit warning in March. After completing the acquisition, Safran will distribute EUR 2.3 billion to its shareholders though a two-year share-buyback program. We think the deal price under the new agreed terms (EUR 25 per Zodiac share versus EUR 29.47 previously) i...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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