— FFP sells one third of its stake in Safran for €132 million

FFP sells one third of its stake in Safran for €132 million.

  23 November 2020
FFP communication
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FFP sold one third of its stake in Safran, i.e. 1,100,000 shares, for a total amount of €132 million, under a forward sale contract maturing in March 2021.

FFP had been one of the main shareholders of the Zodiac group since 2006 and, by contributing to its merger with Safran, supported the creation of a world leader in the aerospace industry in 2018. Since the merger, FFP achieved an IRR of 14.4% on its investment in Safran.

Commenting on this transaction, Robert Peugeot, member of the Board of Safran and Chairman of the Board of FFP, said: "Although the aerospace industry has been heavily affected by the consequences of the pandemic, it retains its long-term growth characteristics. Safran has grown strongly since we became a shareholder, and I would like to emphasize the remarkable work done by the management to adapt and protect the company during this crisis.”

Bertrand Finet, CEO of FFP, added : “Despite a year affected by the health crisis and its economic consequences, FFP managed to seize new investment opportunities while demonstrating its agility by taking advantage of the market volatility to secure some significant capital gains."