French nuclear power generation technology solutions provider Areva SA (EPA:AREVA) said Wednesday it had agreed to sell US nuclear measurement arm Canberra Industries Inc to French private equity firm Astorg Partners for an undisclosed sum.
The deal, which is contingent on regulatory clearances, is seen to be finalised before the end of the first semester of this year, Areva said. Exclusive talks on the offload were announced in October.
The move is part of Areva’s drive to shed assets to trim group debt and bankroll its strategic and safety investment programme. This particular divestment will allow Areva to greatly beat its floor target of EUR1.2bn (USD1.5bn) for asset offloads for 2012 and 2013, the vendor said.
Canberra, which has a global workforce of 1,050, posted sales of some EUR250m for last year.