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...Zodiac SA. Zodiac Aerospace SA is a France-based aeronautical company engaged in the development of aerospace equipment and systems for commercial, regional and business aircraft, as well as helicopters and space applications. It is structured into three business sectors: Cabin Interiors Segment, which designs and markets seats and cabin fittings, as well as supplies complex sanitary and food equipment; Aircraft Systems Segment, engaged in fields, such as fuel circulation, oxygen & life support, electrical power management, cockpit controls and displays, lighting and actuators, hydraulics and controls, as well as environment control systems; and AeroSafety & Technology Segment, which offers emergency evaluation systems, emergency arresting, interconnect, parachute and protection systems, elastomeric technologies & systems, telemetry, telecommunications and airbags.
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