Siemens said on Thursday it agreed to buy several key businesses of Italian rail technology group MERMEC to strengthen its rail portfolio and gain market access to Italy.
The parties agreed not to disclose financial terms of the transaction, a statement said. Earlier this week Reuters reported the deal was worth around 1 billion euros ($1.17 billion).
The deal is expected to be finalised by the end of the year.
($1 = 0.8537 euros)
(Reporting by Giulia Segreti in Rome)
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