Siemens completes sale of Flender unit to Carlyle Group

March 10, 2021 5:56 AM EST

FILE PHOTO: The Siemens logo is shown on a new Siemens Charger locomotive as it comes into service as part of the Coaster Fleet in Oceanside, California, U.S., February 8, 2021. REUTERS/Mike Blake


News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.

ZURICH (Reuters) - Siemens has completed the sale of its Flender mechanical and electrical drive systems business to Carlyle Group for an enterprise value of 2.025 billion euros ($2.41 billion), the German engineering company said on Wednesday.

The deal, which was first announced last October, will go ahead after all the relevant authorities gave their approvals, Siemens said.

As previously announced, the sale of Flender results in a disposal gain of a euro amount in the mid-triple-digit millions for Siemens, the company said, although it did not give further details.

($1 = 0.8408 euros)

(Reporting by John Revill, editing by Kirsti Knolle)



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Reuters

Related Entities

The Carlyle Group