MILAN (Reuters) – Automaker Stellantis will sell a majority stake in its robotics unit Comao to OneEquity Partners, the three companies said in a statement on Thursday, in a move aimed at supporting Comao’s expansion beyond the automotive sector.
Financial details of the deal were not disclosed, but US private equity firm One Equity will make a “majority investment” in Italy-based Comau, and Stellantis will remain an active minority shareholder.
The deal will give OneEquity 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 and Jeep.
“We have deep experience in executing complex corporate split transactions, and we believe we have the resources to help Comau position itself as a successful independent company,” said Antti Kosorin, Partner at OneEquity.
The statement said that Comao CEO Alessandro Nasi and CEO Pietro Gorlier will retain their positions.
“This operation is in line with Comao’s strategic plan, which aims to expand its business beyond the automotive sector, and target the growth in global demand for industrial automation,” Gorlier said.
The deal, which is expected to be completed by the end of this year, has been criticised by Italian unions, who have called on the government in Rome to intervene.
“We express our opposition to the sale of Comau to a private investment company,” the Italian labor union said in a statement, while the Italian labor union explicitly called on the Italian government to use so-called “golden power” legislation.
The deal is likely to be subject to government scrutiny, as golden powers give Italy the right to block or place conditions on foreign deals targeting national companies operating in strategic sectors.
Prime Minister Giorgia Meloni’s nationalist government has been at odds with Stellantis for months, accusing the carmaker of neglecting its historic production bases in Italy.
One Equity Partners invests in companies in the industrial, healthcare and technology industries in the United States and Europe. Comau, a former Fiat unit, specializes in industrial automation and advanced robotics.
Stellantis CEO Carlos Tavares said the deal would help Comau achieve independence and strengthen its position.
“This also gives Stellantis the ability to focus on its core business activities in Europe,” Tavares added.
Comau, which is separate from Stellantis, was part of the agreements between Fiat Chrysler and French automaker PSA Peugeot Citroen that led to the creation of Stellantis in early 2021, but the deal never materialized.