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Wartsila to Divest Its Entertainment Business

Source: www.gulfoilandgas.com 1/22/2021, Location: Europe

The technology group Wartsila announces the divestment of 100% of the shares in its Entertainment business, Wartsila Funa GmbH, to Videlio SA, a French public limited company.

Wartsila Entertainment is engaged in the field of design, fabrication, engineering and integration of entertainment systems, illumination, light control, cabin control, broadcast and digital audio distribution and announcement systems for cruise vessels and entertainment parks. These systems are used in the Marine and land-based markets.

The company became part of Wartsila as a result of the acquisition of L-3 Communications MSI in 2015 and has 172 employees in five countries, with the majority being based in Emden, Germany. The annual revenues were approximately EUR 50 million in 2020.

Tamara de Gruyter, President, Wartsila Marine Systems and Head of Portfolio Business said: ”We are very pleased to have come to an agreement to sell Wartsila’s Entertainment business to Videlio which is a well known player in the market and are confident that the combined offering and capabilities will serve the customers even better.”

Robert Leon, Chairman of the Videlio Board, stated: “The Wartsila Entertainment portfolio is synergic and complementary to our own offering. We now have the possibility to scale the business serving new and existing customers with a broader portfolio of competences and know how. The acquisition is fully in line with our strategic plan and will accelerate our international development, particularly in Germany”

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