Atlantia SpA, the infrastructure firm backed by the billionaire Benetton family, agreed to buy Siemens AG’s road traffic unit for 950 million euros ($1.1 billion) including debt.
The Siemens management and supervisory boards have approved the planned sale of Yunex Traffic, which makes traffic lights and associated software systems, the Munich-based company said.
Atlantia will add about 3,000 employees through the deal, which fits into the Italian company’s strategy of expanding its technology product offerings. The divestment is expected to close by September, according to the statement.
Siemens has been streamlining its portfolio in recent years and listed its energy and health equipment divisions in a bid to become a higher-margin software-focused company. Chief Executive Officer Roland Busch has said Siemens will continue to hone its portfolio through divestments and acquisitions.
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