Thales is pleased to announce a 26% Black Economic Empowerment (BEE) transaction in relation to Thales South Africa (Pty) Ltd (“TSA”), which is the holding company of its three South African operating subsidiaries, namely, Thales Defence Systems (Pty) Ltd, Thales ATM (Pty) Ltd, and Thales Security Solutions & Services (Pty) Ltd.
The transaction has been entered into with a broad-based black Consortium led by Batsomi Investment Holdings (Pty) Ltd (“Batsomi”). The Consortium is 85% owned by Batsomi. A broad-based BEE Trust having a 15% stake in the Consortium will be formed, the beneficiaries of which will be the South African National Military Veterans Association (SANMVA).
TSA’s market focus in South Africa is in the field of defence electronic systems for which it is one of the leading local suppliers to the SANDF, in air traffic management systems as the main supplier to ATNS, and in the supply of systems and equipment for rail signaling, e-ticketing, smart ID cards, and for the protection of airports, energy installations, and other safety-critical facilities.
Batsomi is a diversified, black investment management company with 12 years experience and has an established history of adding value to its underlying investments whilst promoting the social and economic development of black people.
According to TSA’s Chief Executive Officer, Christian Lamoureux, “The transaction is evidence of Thales’s commitment to transformation in South Africa and to complying with the black ownership requirements of the BBBEE Codes of Good Practice. Thales believes that the transaction with Batsomi will lead to a long term sustainable partnership allowing both parties to participate in and benefit from the TSA businesses”.
Batsomi’s Chairman, Jacob Modise affirms that, “Batsomi is proud to be associated with a leading international supplier such as Thales; we look forward to supporting the management of TSA in realizing the company’s growth objectives in the exciting public infrastructure sector in the country and in the region.”
The effective date of the transaction will occur after the last conditions precedent in terms of the agreements are fulfilled.
About Thales
Thales is a global technology leader for the Defence & Security and the Aerospace & Transport markets. In 2009, the company generated revenues of €12.9 billion with 68,000 employees in 50 countries. With its 22,500 engineers and researchers, Thales has a unique capability to design, develop and deploy equipment, systems and services that meet the most complex security requirements. Thales has an exceptional international footprint, with operations around the world working with customers as local partners.
Thales South Africa (Pty)Ltd is the holding company of Thales’s South African subsidiaries which have been supplying advanced electronic systems to both the South African and international market for over 30 years. Click here to view: www.thalesgroup.com