PARIS (AP) — French aerospace company Safran said it agreed to sell its Sagem Communications business to private equity firm the Gores Group in a deal worth euro383 million (US$551.5 million).
The transaction should be completed with in coming months, Safran said in a statement.
''We sought a solution that would ensure the best possible future for Sagem Communications and its employees, and would also protect the interests of its customers and of Safran shareholders,'' Safran Chief Executive Jean-Paul Herteman said in a statement late Sunday.
Sagem Communications, part of Safran's Communications branch, offers broadband products such as printing terminals and digital TV set-top boxes. The company has 6,500 employees and posted revenue of euro1.3 billion (US$1.87 billion) in 2006.
Safran shares gained 3.9 percent to euro18.46 (US$26.58) in Paris.
