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    6501   JP3788600009

HITACHI, LTD.

(6501)
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Exclusive: Thales poised to sell signaling unit to Hitachi for about $2 billion - source

08/03/2021 | 02:21pm EDT
FILE PHOTO: Logo of Hitachi is seen in Zurich

By Gwénaëlle Barzic

PARIS (Reuters) - French firm Thales is in advanced negotiations to sell its railway signaling business to Japan's Hitachi for nearly 1.7 billion euros ($2 billion), a source familiar with the discussions told Reuters.

A spokesman for Thales, contacted by Reuters, declined to comment. A representative of Hitachi's European operations did not immediately respond to requests for comment.

The source, who spoke on condition of anonymity, said the deal was scheduled to be announced within the next few days.

Thales put its signaling business up for sale earlier this year.

The sale is part of a drive by the French firm to streamline its sprawling operations and reassure investors it is focused on its core business of making high-tech equipment for the defence and aerospace industries.

The signaling unit is small compared with competitors, and the sale comes at a time of consolidation in the industry when independent players are aligning themselves with bigger industrial groups.

Reuters reported last month that Thales had shortlisted three bidders for the unit: Hitachi Rail, Switzerland's Stadler Rail and Spain's CAF.

Thales was advised on the sale by Lazard, while Hitachi's advisors were Perella Weinberg Partners and Deutsche Bank, according to the source familiar with the discussions.

($1 = 0.8427 euros)

(Additional reporting by Matthias Blamont; Writing by Christian Lowe; Editing by David Holmes)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES, S.A. 0.58% 34.85 Delayed Quote.-11.21%
HITACHI, LTD. -2.36% 6443 End-of-day quote.58.50%
STADLER RAIL AG -0.58% 37.48 Delayed Quote.-6.73%
THALES 0.27% 81.5 Real-time Quote.8.81%
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Analyst Recommendations on HITACHI, LTD.
More recommendations
Financials
Sales 2022 9 675 B 88 536 M 88 536 M
Net income 2022 585 B 5 352 M 5 352 M
Net Debt 2022 1 873 B 17 136 M 17 136 M
P/E ratio 2022 10,6x
Yield 2022 1,80%
Capitalization 6 232 B 57 042 M 57 030 M
EV / Sales 2022 0,84x
EV / Sales 2023 0,82x
Nbr of Employees 350 864
Free-Float 95,7%
Chart HITACHI, LTD.
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Technical analysis trends HITACHI, LTD.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus BUY
Number of Analysts 15
Last Close Price 6 443,00 JPY
Average target price 7 468,67 JPY
Spread / Average Target 15,9%
EPS Revisions
Managers and Directors
Toshiaki Higashihara Executive Chairman & Chief Executive Officer
Keiji Kojima Executive President, COO & Representative Director
Yoshihiko Kawamura Chief Financial Officer
Norihiro Suzuki Chief Technology Officer, Manager-R&D Group
Seiichiro Nukui Chief Information Officer
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