Siemens to buy Italy's Mer Mec in 1 billion euro deal, source says
Siemens' Acquisition of Mer Mec: Key Details and Implications
Deal Overview
MUNICH, May 12 (Reuters) - Siemens has agreed to buy Italian rail technology Company Mer Mec in a deal worth around 1 billion euros ($1.17 billion), a person familiar with the matter told Reuters on Tuesday.
About Mer Mec and Ownership
Mer Mec, based in Monopoli near Bari, is owned by the investment holding company Angel Holding, headed by its CEO Vito Pertosa.
Siemens' Response
Siemens declined to comment.
Strategic Purpose of the Acquisition
The acquisition, which is due to be announced this week, would be intended to strengthen the technology and software part of Siemens Mobility, the group's trainmaking division.
Mer Mec's Specializations
Mer Mec specialises in signalling systems, analytics and data software as well as track measurement and inspection systems.
Notable Projects
Its projects have included a new rail signalling system for the Channel Tunnel between Britain and France.
Background and Additional Information
Siemens' interest in Mer Mac was first reported by Bloomberg.
($1 = 0.8514 euros)
(Reporting by Alexander Hubner, writing by John Revill; editing by Matthias williams)
