AREVA and Astorg Partners have signed an agreement for the sale of Canberra

AREVA and the French private equity manager Astorg Partners signed an agreement for the takeover of Canberra, AREVA’s nuclear measurement subsidiary, by Astorg Partners.

This agreement follows the announcement of October 22, 2012 that exclusive negotiations had started with Astorg Partners for this transaction.

The closing of the transaction, which remains subject in particular to regulatory authorizations, is planned before the end of the first semester of 2013.

This transaction is part of the "Action 2016" strategic action plan set out by AREVA in December 2011, which envisaged the sale of assets with a view to contribute to reduce the indebtedness of the group and finance its strategic and safety investment program. The conclusion of this sale will allow the group to greatly exceed the floor target of 1.2 billion euros for assets disposal over the 2012-2013 period. According to the terms of the agreement, Astorg Partners will foster continuity of social policies and practices as well as employment safekeeping.

Canberra, whose headquarters are located in Meriden, Connecticut, USA, is a leader in the nuclear measurement sector. The company generated sales of around 250 millions euros in 2012 and employs 1,050 persons worldwide (including around one fourth in France).

Joël Lacourte, Managing Partner of Astorg Partners, stated: “We are very pleased to have been chosen by AREVA to drive a new phase in Canberra’s development. Following ten years of organic and external growth, the Canberra group has become one of the world leaders in nuclear radiation measurement instruments. Astorg will enthusiastically seek to continue this impressive path, alongside Canberra’s partnering management team and employees, and will endeavour to maintain the privileged relationship with French players of the nuclear power industry.”

Luc Oursel, AREVA’s Chief Executive Officer, stated: “AREVA is confident on Canberra’s capacity, with the support of its new shareholder, to carry on its development with a sustainable industrial and social project.”

More about ASTORG Partners (www.astorg-partners.com) :
Astorg is an independent private equity fund management company, specializing in European mid-market buyouts with total funds under management of over €2 billion. Astorg seeks to partner with successful and entrepreneurial management teams, to acquire businesses - very often family-owned - with attractive growth prospects, which Astorg supports through the provision of experienced governance and adequate capital. Astorg enjoys a distinct entrepreneurial culture, a lean and local decision-making body enhancing its reactivity, and has a commitment to its partnering management teams. Although a multi-sector investor, Astorg has developed solid industry expertise in healthcare, business-to-business professional services and niche industrial companies selling differentiated products (often high technology driven).