By Ed Frankl
Siemens AG said Monday that it had agreed to divest its intelligent-transportation business Yunex Traffic to Atlantia SpA for an enterprise value of 950 million euros ($1.08 billion).
Italian infrastructure company Atlantia filed a binding offer for Yunex earlier in January, though it didn't make public financial details.
The deal comes as Siemens continues to streamline and divest itself of noncore businesses, including through recent listings of its energy and medical-device divisions.
"Siemens is continuously sharpening and optimizing its portfolio as a technology company focused on its core business," said Roland Busch, the German industrial company's chief executive officer.
"We aim to deliver operating and growth synergies between our assets and Yunex Traffic, with the intention of creating a highly competitive, one-of-a-kind group," Atlantia's CEO Carlo Bertazzo said.
Closure of the deal is expected in September and is subject to regulatory approvals.
Write to Ed Frankl at email@example.com
(END) Dow Jones Newswires