KKR acquires Airbus' German-based defense electronics business unit
NewsMarch 06, 2017
AMSTERDAM. KKR officials completed the acquisition of the Airbus Germany-based defense electronics business unit following the receipt of regulatory and other approvals, including from the German government. KKR acquires the business for an enterprise value of approximately under $1.2 billion (?1.1 billion).
The France-based portion of the business will be transferred to KKR once the section of the French entity in Elancourt, near Paris, is completed. The closing of this part of the transaction is subject to regulatory approval from the French government.
Airbus officials agreed to maintain a 25.1 percent minority stake for a limited number of years post-closing until the full separation of the sites. This measure will facilitate a smooth transition for employees and business stakeholders, officials say.
The defense electronics unit will be renamed Hensoldt with headquarters in Ottobrunn, Germany. It has around 4,000 employees worldwide.
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