Wabtec completes acquisition of majority stake in Faiveley Transport

first_imgINDUSTRY: ‘The acquisition of Faiveley Transport is an excellent strategic fit, expanding our geographic presence, broadening our product and service capabilities, and strengthening our technology and innovation initiatives’, said Wabtec Executive Chairman Albert J Neupaver on November 30, when the US-based group completed its purchase of the Faiveley family’s 51% stake in Faiveley Transport.’The combination of two rail industry leaders creates compelling growth opportunities and synergies, and strengthens the diversity of our revenue base’, he said. ‘We are pleased to welcome the Faiveley family as long-term Wabtec shareholders with representation on our board of directors.’The Faiveley family stake was acquired for US$212m in cash and 6·3 million shares of Wabtec common stock. Wabtec is to launch a tender offer for the remaining public shares in December and expects to complete it in early 2017. Faiveley Transport shareholders will have the option of receiving €100 or 1·1538 Wabtec common shares per share. The total purchase price for 100% of Faiveley Transport is US$1·7bn. The US$1·2bn cash portion will be funded from US$325m of cash on hand, the proceeds of a recent US$750m senior notes offering and the company’s existing revolving credit facility and term note.Wabtec President & CEO Raymond T Betler said the acquisition provided Wabtec with ‘many complementary products, a strong presence in the European and Asia Pacific transit industries, and solid relationships with blue-chip, global customers’.Wabtec expects the combined business to have revenues of US$4·2bn in 2017, and the transaction to be accretive to earnings per diluted share in 2017. It expects at least US$50m in annual synergies from the merger by year three, following restructuring and one-time costs. Wabtec’s Transit Group which is responsible for worldwide passenger-sector activities will operate under the Faiveley Transport brand, with its headquarters in Paris. Faiveley Transport Chairman & CEO Stéphane Rambaud-Measson becomes President & CEO of the Transit Group and a corporate Executive Vice-President, reporting to Betler. ‘The passenger transit business typically provides a steady flow of new projects and aftermarket growth opportunities, and we are well positioned in key global markets such as Europe and Asia Pacific’, said Rambaud-Measson.last_img read more

Levski repaid the loan ahead of schedule and announced other important…

first_imgAt a joint meeting today, the Supervisory and Management Boards of Levski voted to repay the short-term loan of BGN 199,999, which was withdrawn for operational needs at the end of July. The amount was returned ahead of schedule with a minimum interest rate, the “blues” announced on their website.The meeting also discussed the current financial condition of the club, as well as organizational issues, including the security of home matches. It was decided that the next match at the “Georgi Asparuhov” stadium against Tsarsko Selo on August 23 will be taken over by the company that provides round-the-clock security of the stadium, as it was in the first meeting with Beroe. Meanwhile, Levski will organize a transparent procedure for collecting bids to determine a long-term partner in the work on security and safety of the public of “Gerena”. The members of the National Assembly and the Management Board considered in detail the proposal of the Bulgarian Football Union and the Professional Football League for distribution of the money from television rights in the last year of the contract signed in 2015. PFC Levski signs this distribution with a special opinion, stating its position that it will not sign the new contract for television rights already approved by the Bulgarian Football Union and will use all mechanisms to protect its rights as the most popular and attractive football club for television viewers. in the country.As the last item on the agenda, Iliya Hristov acquainted his colleagues from the Supervisory and Management Boards with the annual report of the director of the children’s school Yoncho Arsov. The work of the academy in the last year was highly appreciated, taking into account the need to find additional sponsors to support the activities of the school in order to maintain the high professional standard imposed in it.Nasko Sirakov for Levski: Dash only through my body. Never!That’s how he answered a fanlast_img read more

Exclusive – Sunderland legend tips Allardyce to take over if Advocaat leaves

first_imgSunderland legend Michael Gray has told talkSPORT he wants to see Sam Allardyce take the manager’s job should Dick Advocaat leave at the end of the season.The Dutchman wept tears of relief on Wednesday night as he guided the Black Cats to a 0-0 draw with Arsenal, guaranteeing the club’s Premier League survival after a season of struggles.But Advocaat, a short-term replacement for Gus Poyet, who was sacked in March, is yet to decide whether he will stay on at the Stadium of Light beyond their final game of the campaign.And if the 67-year-old does quit Wearside, Gray believes Allardyce, who appears set to leave West Ham United in the coming weeks, would be the perfect man to take the reins.He told the Alan Brazil Sports Breakfast: “We’ve all seen Sam Allardyce’s record in the Premier League and for the first half of the season I though West Ham were absolutely fantastic. There is no doubting that.“He knows where there is a bargain as well and he certainly knows how to get results. I’d take Sam Allardyce tomorrow if it’s not going to be Dick Advocaat.“There will be a guy coming into the football club who is passionate. He’s worked at the club before. He actually was there while I was there and Peter Reid was in charge, he just came in and coached us for a little bit. So he knows the club.“If West Ham don’t want him, which really surprises me, I’d take him tomorrow.”last_img read more