Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

German space firm OHB plans to delist as KKR takes minority stake

by Uma
0 comment
2023 08 07T061834Z 1 LYNXMPEJ7604M RTROPTP 4 KKR INTERVIEW

German space firm OHB plans to delist as KKR takes minority stake

By Alexander Hübner

BERLIN (Reuters) -Germany’s OHB on Monday said U.S. financial investor KKR was buying a minority stake in the space company and it planned to delist from the stock market.

KKR is planning a voluntary public tender offer for all outstanding shares at a price of 44 euros ($48.34), according to OHB. That offer values the company at 768 million euros. Its shares closed at 32.2 euros on Friday and rose to 43 euros in opening trade on Monday.

The Fuchs family, which holds just under 70% of OHB, will keep its shares and remain majority shareholders, with Marco Fuchs staying on as chief executive for a further five years.

In total, KKR is putting up to 338 million euros into OHB with the takeover bid, a capital increase of 10% and a capital injection for the OHB space subsidiary Rocket Factory.

“We are delighted that with KKR as a minority investor, we have found the ideal partner to support our long-term growth and vision,” said Fuchs.

OHB said its executive and supervisory boards supported the offer and intended to recommend that shareholders accept it.

The Bremen-based company aims to become the leading space provider for governments and commercial customers in Europe.

Last year, OHB generated more than a billion euros in sales with 3,000 employees.

“The global market for space solutions will continue to grow. We see great potential in Europe,” said Christian Ollig, partner and head of the German-speaking region at KKR.

OHB posted a first half pre-tax profit of 19.6 million euros and said its order backlog remained at a high level of 1.8 billion euros.

($1 = 0.9102 euros)

(Reporting by Alexander Huebner and Rachel MoreEditing by Miranda Murray, Kirsten Donovan)