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Inflexion Private Equity is pleased to announce that it has signed an agreement to sell SMD, the world’s leading designer and manufacturer of subsea vehicle systems, to Zhuzhou CSR Times Electric Company Limited, a joint stock company incorporated in the People’s Republic of China (the “PRC”) whose shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited. Zhuzhou CSR Times Electric Company Limited is a subsidiary of CSR Corporation Limited whose controlling stake is indirectly owned by the Chinese central government. CSR Corporation Limited is one of the world’s largest manufacturers of electric locomotives.
The completion of the sale is subject to the buyer completing filings with the Chinese state authorities.
The transaction is signed at an Enterprise Value of £120m, which will represent a return of 2.2x on completion.