ZURICH (Reuters) – OC Oerlikon (OERL.S) said on Monday it had agreed to sell its drives unit to U.S. engineering company Dana Inc (DAN.N) – a deal triggered after the Swiss company shelved a planned listing of the business.
Oerlikon said it had signed a definitive agreement to sell the business for an enterprise value of 600 million Swiss francs ($603.3 million) and expected to receive roughly the same amount of cash. The deal is expected to close by the first quarter of 2019 at the latest.
Oerlikon canceled a listing for the unit earlier this month citing market volatility, adding to signs that the Swiss IPO market, which got off to a strong start this year, is cooling.
Reporting by John Revill; Editing by Gopakumar Warrier
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