Stock Groups

Leonardo to sell satellite business GES to SES for $450 million -Breaking

by Mike Robinson

[ad_1]

© Reuters. FILE PHOTO: A logo of defence group Leonardo is pictured on their booth during the European Business Aviation Convention & Exhibition (EBACE) in Geneva, Switzerland, May 22, 2017. REUTERS/Denis Balibouse/

MILAN (Reuters – Leonardo, an Italian defense group, announced Tuesday that its U.S. division DRS agreed to sell its satellite communication business GES, gross of all taxes to SES, for $450m to optimize its portfolio and concentrate on its core businesses.

Leonardo stated that closing of the deal will take place in the second half 2022. He also confirmed its net debt guidance of around 3.1 million euros ($3.40billion) for the year.

Leonardo indicated that GES, the biggest provider of commercial satellite communication to the U.S. government, also provides satellite communications and security solutions worldwide to customers.

($1 = 0.9111 euros)

Disclaimer: Fusion MediaWe remind you that this site does not contain accurate or real-time data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. As such, the prices might not reflect market values and could be incorrect. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information. This includes data including charts and buy/sell signal signals. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.

[ad_2]