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“With this major strategic move, we will be able to focus on the development of our 3 high-tech long-term growth businesses, each of them able to sustainably deliver double-digit margins,” said Thales Chairman and CEO Patrick Caine in a statement.
Those three businesses are aerospace, defense & security, and digital identity & security.
The price tag of 1.66 billion euros corresponds to the enterprise value, including debt, of Thales’ unit, dubbed Ground Transportation Systems (GTS).
It reflects a multiple of 13.8 times of the unit’s twelve-month earnings before interest and taxes (EBIT), Thales said in a statement, adding that it expected the deal to close by the end of 2022 or the start of 2023.