Belgian firm buys stake in Geneva's SGS
AFP/The Local · 3 Jun 2013, 10:47
Published: 03 Jun 2013 10:47 GMT+02:00
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GBL, owned by billionaire tycoon Albert Frère, said in a statement on Monday that its wholly-owned subsidiary Serena will buy the 15-percent stake currently owned by EXOR, the investment company that controls automaker Fiat-Chrysler.
SGS is the world's leading testing, inspection and certification company, with more than 75,000 employees worldwide.
The Swiss company generated sales of 5.6 billion francs in 2012 and has a market capitalization of approximately 16.9 billion francs.
"SGS is the leader in an attractive industry (and) offers substantial growth potential, both organically and through market consolidation," GBL said.
The acquisition will be financed using part of the GBL's existing cash.
Following the acquisition, GBL will remain with a gross cash position of one billion euros and confirmed undrawn credit lines of 1.2 billion euros, it said.