Finmeccanica, the Italian leading aerospace, defence and security company and the Libyan Investment Authority (“LIA”), the Libyan sovereign wealth fund, and Libya Africa Investment Portfolio (“LAP”), an Investment Fund owned by LIA, share the view that Libya and the Middle East and Africa countries will offer, in the near future, significant investment opportunities in a broad range of industrial sectors in which Finmeccanica is present at a global level and they intend to leverage on their joint capabilities to access new markets working with local customers and partners.
In this context, Finmeccanica, LIA and LAP have today signed a Memorandum of Understanding(MoU) for the development of a strategic cooperation in Libya and other countries in the Middle East and Africa regions. Under this MoU investment opportunities will be pursued in the aerospace, electronics, transportation and energy sectors for civil applications.
The MoU envisages the creation within a year of a Joint Venture Company, 50% held by each of Finmeccanica and LAP, and governed by Shareholders Agreements to be entered into. The Joint Venture Company will be the main vehicle of the joint business initiatives and will be able to invest in the specific commercial and industrial initiatives by setting up dedicated companies in the relevant countries. Finmeccanica can involve the Joint Venture Company as preferred business partner in initiatives in which Finmeccanica will take a direct leading role.
Finmeccanica and LIA will also consider potential minority investments by LIA in existingFinmeccanica initiatives in the business domains covered by the MoU. “LIA represents a formidable partner, which will provide Finmeccanica with additional financial resources and business opportunities to develop new initiatives in geographical areas that are strategic for the future growth of the Finmeccanica Group. Finmeccanica is committed to expand its presence in Africa and the Middle East, always in alignment with the local governments and institutions“, said Pier Francesco Guarguaglini, Chairman and CEO of Finmeccanica.
Mr. Mustafa Zarti, Deputy CEO and Member of the Board of the Libyan Investment Authority states that ” Finmeccanica brings a wealth of expertise, opportunities and incredible operational resources to this cooperation. LIA strongly believes that this cooperation will only be further strengthened with the Joint Venture Company which will see significant initiatives for opening up access and exploration in Libya, Africa and Middle East. This cooperation is an example of LIA’s consistent and continued investment in solid strategic investments and alliances globally, as a long term investor”.
