Ansaldo Energia to be sold for $1.3bn

Finmeccanica has agreed a deal to sell its power unit, Ansaldo Energia, to Italian state-run Fondo Strategico Italiano.

Bloomberg reports that the sale of the gas turbines, steam turbines and generator manufacturer was concluded late last Friday in a strategic sale Finmeccanica needed to reduce its debt.

The agreement means the company and U.S. private-equity firm First Reserve will sell their respective 55 per cent and 45 per cent stakes.

Finmeccanica had previously been in talks to sell its stake in Ansaldo Energia to Doosan Heavy Industries & Construction.

The Italian company previously said it also had signed a nonbinding memorandum of understanding with the fund to have an industrial partner become a shareholder in Ansaldo Energia, with Doosan as the preferred candidate. Doosan has declined to comment.

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