The shareholders of the leading electrical engineering firm Fandstan Electric Group Limited (Fandstan) have sold the company to Wabtec Corporation for US$215 million. The parties have exchanged contracts and expect the transaction to be completed in the first quarter of 2014, subject to customary closing conditions and competition authority clearance.
Fandstan designs, manufactures and installs products for the transmission of electrical power and data to moving equipment and vehicles for two main markets; rail transportation and industrial. The group’s highly engineered railway, metro and tram products include on-board equipment such as pantographs and third rail shoe gear, and infrastructure products including third rail and light overhead catenary systems. It’s industrial products include slip rings for wind turbines, motorized and spring driven reeling systems for mobile cranes and mining equipment, and industrial conductor bars, used in factories, warehousing and ports.
Wabtec Corporation is a global provider of value added technology products and services to the rail and transit industry.
Oaklins Cavendish, based in the UK, advised the shareholders of Fandstan in this transaction. The team's specialist commented: “The sale of Fandstan has been one of the most complex we have executed with 19 separate legal entities on four continents. The smooth conclusion of the sale shows the importance of bringing well-capitalized overseas strategic purchasers such as Wabtec to the table through a controlled process.”