Exor, the main shareholder in Italian carmaker Fiat, has sold 15% stake in its Swiss inspection services firm, SGS, to Belgian investment firm Groupe Bruxelles Lambert’s subsidiary, Serena of (GBL) for about EUR2bn.
The move frees up resources prior to the planned merger between Fiat and US partner Chrysler Group, which would cost Fiat between $1.75bn and $4.27bn.
Additionally, the deal is expected to generate a EUR1.5bn consolidated capital gain, which would be used to pursue new investment opportunities.
EXOR chairman and chief executive officer John Elkann said the company has supported SGS for past 13 years and the company would continue to develop and prosper.
"It will also benefit from the ongoing engagement of its Chairman Sergio Marchionne, CEO Chris Kirk and the operations council, as well as the support of the von Finck family and now GBL, for whom we have great respect as an investor," Elkann said.
In February, the Italian car maker revealed plans to complete the merger of its partner, the Chrysler Group by 2014 in the US.
Upon the merger, Fiat would attain a 65% stake in Chrysler, with full ownership expected by 2015.
Fiat already acquired 20% stake in Chrysler in 2009 under bankruptcy protection, while it currently owns and controls 58.5% of the company's share.
