Exclusive: Thales poised to sell signaling unit to Hitachi for about $2 billion

© Reuters. The logo of Thales is seen at the high profile startups and high tech leaders gathering, Viva Tech,in Paris, France May 16, 2019. REUTERS/Charles Platiau/Files

By Gwénaëlle Barzic

PARIS (Reuters) – French firm Thales is in advanced negotiations to sell its railway signaling business to Japan’s Hitachi (OTC:) for nearly 1.7 billion euros ($2 billion), a source familiar with the discussions told Reuters.

A spokesman for Thales, contacted by Reuters, declined to comment. A representative of Hitachi’s European operations did not immediately respond to requests for comment.

The source, who spoke on condition of anonymity, said the deal was scheduled to be announced within the next few days.

Thales put its signaling business up for sale earlier this year.