FSI-Shanghai Electric strategic agreement for Ansaldo Energia: sale of 40% of Ansaldo Energia to the Chinese group and establishment of joint ventures in China.
Fondo Strategico Italiano (FSI) and Shanghai Electric (SEC) – a world leader in the manufacture of power generation equipment and other machinery – today signed a long-term strategic agreement that envisages the acquisition by SEC of 40% of Ansaldo Energia (AEN) and the establishment of 2 joint ventures between AEN and SEC for manufacturing of gas turbines for Asian markets and the creation of an R&D centre in Shanghai. On December 2013 FSI acquired from Finmeccanica and First Reserve a 85% stake of AEN.
The strategic partnership with SEC
In details, FSI will sell 40% of AEN to SEC for €400 million. At the same time, two joint ventures between AEN and SEC will be formed in China for manufacturing of gas turbines for Asian markets and the creation of an R&D centre in Shanghai: both synergies with the Genoa plant.
In addition, the R&D centres of Genoa and Shanghai will launch a cooperation project to develop a new gas turbine technology.
The closing of the transaction is expected by the end of the year following approval by government and antitrust authorities.
The strategic partnership with SEC, is the largest Italian – Chinese agreement and could represent a major benchmark of economic relations between the two countries.
The agreement with SEC will enable AEN to launch the development of a new gas turbine technology and to access Asian markets, that are undergoing strong growth and represent 50% of the world market and expanding rapidly. Moreover, it will enable AEN to obtain new orders, with significant impact on turnover and employment: