At what enterprise value was THALES GROUND TRANSPORTATION SYSTEMS (GTS) acquired in 2021?

During the acquisition of THALES GROUND TRANSPORTATION SYSTEMS (GTS) by HITACHI RAIL in 2021, the company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 1b - 4b EUR. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the Industry & Manufacturing industry currently tracks an average EBITDA multiple of 11.2x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of THALES GROUND TRANSPORTATION SYSTEMS (GTS) when it was acquired by HITACHI RAIL?

The exact EV/EBITDA multiple for THALES GROUND TRANSPORTATION SYSTEMS (GTS) is available on mynth capital. For comparison, the Industry & Manufacturing sector currently shows an average EBITDA multiple of 11.2x. Join our community for free to access full valuation data and industry trends.

What was the revenue of THALES GROUND TRANSPORTATION SYSTEMS (GTS) at the time of the deal?

The revenue of THALES GROUND TRANSPORTATION SYSTEMS (GTS) at the time of the deal is estimated to be in the range of 1b - 3b EUR. Register for free to access the full transaction report and exact valuation multiples.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the THALES GROUND TRANSPORTATION SYSTEMS (GTS) acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the THALES GROUND TRANSPORTATION SYSTEMS (GTS) deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.hitachi.com/content/dam/hitachi/global/en/press/articles/2021/08/0804/210804.pdf

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Home Database Industry & ManufacturingTHALES GROUND TRANSPORTATION SYSTEMS (GTS)

04/2021

THALES GROUND TRANSPORTATION SYSTEMS (GTS) acquired by HITACHI RAIL

FRANCE Industrial Equipment EV 1b - 4b EUR

Context

Hitachi Rail has announced the 100% acquisition of Thales’ Ground Transportation Systems (GTS) business. The strategic rationale for the acquisition is the creation of a global leader in the rail signaling market. The deal significantly enhances Hitachi Rail’s geographical footprint, complementing its strength in Japan, Italy, and the US with GTS’s deep roots in Germany, France, and Canada. From a technology standpoint, the merger nearly doubles Hitachi Rail’s engineering capacity and provides a comprehensive portfolio of urban and mainline signaling systems. Strategically, the integration of GTS’s digital talent and fare collection systems accelerates Hitachi’s "MaaS" strategy, allowing the group to offer highly integrated, data-driven transport solutions. The combined entity now manages signaling for over 26,000km of mainline railway and 4,600km of urban metros. This acquisition marks a major milestone in Hitachi’s 2024 Mid-term Management Plan, positioning the business to address the global mega-trends of digitalization and the sustainable mobility transition.

THALES GROUND TRANSPORTATION SYSTEMS (GTS), which reported an EBITDA margin of LOGIN in 2020, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the Industry & Manufacturing sector (11.2x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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Target

Thales Ground Transportation Systems (GTS) is a global leader in rail signaling and train control systems, telecommunications, supervision systems, and fare collection solutions. The business operates across four primary segments: mainline rail signaling, urban rail signaling (including CBTC), integrated communication systems, and revenue collection systems. Its technology is critical for the global transition to sustainable mobility, serving approximately 8 billion passengers annually. GTS possesses a significant industrial footprint with 9,000 employees across 42 countries and holds dominant market positions in key regions such as Germany, France, Canada, and the Asia-Pacific (notably Singapore and Hong Kong). The company’s strategy focuses on the digitalization of rail infrastructure, providing high-tech solutions that enhance the safety, efficiency, and capacity of both urban metros and mainline railway networks worldwide.

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REFERENCES

Valuation range: EV 1b - 4b EUR

Revenue range: 1b - 3b EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of THALES GROUND TRANSPORTATION SYSTEMS (GTS) by HITACHI RAIL are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Target: thales ground transportation systems (gts)

Acquirer: hitachi rail