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VELAN ANNOUNCES THE CLOSING OF THE SALE OF ITS FRENCH SUBSIDIARIES TO FRAMATOME
VELAN ANNOUNCES THE CLOSING OF THE SALE OF ITS FRENCH SUBSIDIARIES TO FRAMATOME Canada ...
About this update from Velan Inc.
[{"type":"text","content":"\n\n\n\n VELAN ANNOUNCES THE CLOSING OF THE SALE OF ITS FRENCH SUBSIDIARIES TO FRAMATOME\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n\n MONTREAL\n \n\n ,\n \n\n March 31, 2025\n \n\n /CNW/ - Velan Inc. (TSX: VLN) (\"Velan\" or the \"Company\"), a world-leading manufacturer of industrial valves, announced today the closing of the sale, by the Company's wholly-owned subsidiary, Velan Valves Limited, of 100% of the share capital and voting rights of its French subsidiaries, Segault SAS and Velan S.A.S., to Framatome SAS, a world leader in nuclear energy, for a purchase price of\n \n US$184.1 million\n \n (€170 million), with the benefit of the transfer of an intercompany loan of\n \n US$24.4 million\n \n (€22.5 million), for total consideration to the Company of\n \n US$208.4 million\n \n (€192.5 million) (the \"France Transaction\"), which was previously announced by the Company on\n \n January 14, 2025\n \n .\n \n\n Velan plans to use a portion of the proceeds from the France Transaction to fund the permanent divestiture of its asbestos-related liabilities to an affiliate of Global Risk Capital at a cost to the Company of\n \n US$143 million\n \n (the \"Asbestos Divestiture Transaction\" and, together with the France Transaction, the \"Transactions\"). The closing of the Asbestos Divestiture Transaction is expected to occur next week.\n \n\n\n CAUTION REGARDING FORWARD-LOOKING STATEMENTS\n \n\n\n Certain statements made in this news release are forward-looking statements within the meaning of applicable securities laws, including, but not limited to, statements related to the use of the proceeds from the France Transaction, the timing of the Asbestos Divestiture Transaction, the expected benefit of the Transactions and other statements that are not material facts. Often, but not always, forward-looking statements can be identified by the use of forward-looking terminology such as \"may\", \"will\", \"expect\", \"believe\", \"estimate\", \"plan\", \"could\", \"should\", \"would\", \"outlook\", \"forecast\", \"antic...