Melrose (MRO.L) announced it has signed an agreement for the sale of its wholly owned generators and electric motors business, Marelli Motori, to a company wholly owned by funds managed by the Carlyle Group. The total consideration of 212.0 million euros is payable in cash on completion. Melrose currently intends to use the proceeds to pay down existing borrowings and for internal group purposes.
Marelli Motori, based in Italy, is a leading manufacturer of generators and electric motors. With five overseas offices in Germany, UK, Malaysia, USA and South Africa it serves worldwide markets for power generation, marine, oil & gas and industrial manufacturing.
The company said the purchase price is equivalent to 9.5 times 2012 EBITDA for Marelli Motori. In the year ended 31 December 2012, Marelli Motori generated revenues of 149.1 million euros.
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