MILAN (Reuters) – Carmaker Stellantis (NYSE:) will sell a majority stake in its robotic unit Comau to One Equity Partners, the three companies said in a statement on Thursday, in a move aimed at supporting Comau’s expansion beyond the automotive sector.
Financial details of the agreement were not disclosed, but U.S.-based private equity firm One Equity will make a “majority investment” in Italian-headquartered Comau, and Stellantis will remain an active minority shareholder.
The deal will give One Equity a 50.1% stake in the company and Stellantis 49.9%, a source close to the matter told Reuters.
Its announcement coincided with disappointing first half financial results from Stellantis, the world’s fourth largest automaker, whose brands include Fiat, Peugeot (OTC:) and Jeep.
“We have deep expertise in executing complex corporate carve-out transactions, and we believe we have the resources to help position Comau as a successful stand-alone business,” said Ante Kusurin, a partner at One Equity.
Comau Executive Chairman Alessandro Nasi and CEO Pietro Gorlier will retain their jobs, the statement said.
“This operation is consistent with Comau’s strategic plan, which aims to expand its business beyond the automotive sector, targeting the global demand growth for industrial automation,” Gorlier said.
The deal, expected to close by the end of this year, was criticised by Italian unions, which called on the Rome government to intervene.
“We express our opposition to the sale of Comau to private equity,” the UILM union said in a statement, while FIM-Cisl explicitly asked the Italian government to use its so-called ‘golden power’ legislation.
The transaction will likely fall under government scrutiny, as the golden powers give Italy the right to block or set conditions on foreign forays targeting national companies that operate in strategic sectors.
Prime Minister Giorgia Meloni’s nationalist government has been for months at loggerheads with Stellantis, accusing the automaker of neglecting its historic production bases in Italy.
One Equity Partners invests in businesses in the industrial, healthcare and technology industries in the U.S. and Europe. Comau, a former unit of Fiat, specialises in industrial automation and advanced robotics.
Stellantis CEO Carlos Tavares said the deal would help Comau achieve autonomy and strengthen its position.
“It also gives Stellantis the ability to focus on core business activities in Europe,” Tavares added.
A Comau spin-off from Stellantis was part of agreements between Fiat Chrysler and France’s PSA, which led to the creation of Stellantis at the beginning of 2021, but the transaction had never materialised.
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