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Radar systems from Hensoldt are installed in various combat aircraft, including this US stealth jet from Lockheed-Martin
Photo: Britta Pedersen / picture alliance / dpa
The Bavarian defense electronics group Hensoldt is getting an anchor shareholder from Italy.
The space and defense company Leonardo is taking over 25.1 percent of the shares from the US financial investor KKR for 606 million euros, as he announced on Saturday.
The Italians are drawing level with the federal government, which for strategic reasons at the end of last year had also secured a blocking minority of 25.1 percent and thus a say in Hensoldt in order to "fend off unwanted structural decisions."
Hensoldt boss Thomas Müller welcomed the entry of the Italians and referred to the existing cooperation, for example on the European Eurofighter.
Leonardo boss Alessandro Profumo expects even closer cooperation from the participation.
The company from Rome, which is 30.2 percent owned by the Italian state, wants to play an active role in the convergence of the European arms industry.
Financial investor KKR earns hundreds of millions
The price that Leonardo pays for the package is 23 euros per share, almost 50 percent above the Xetra closing price of 15.58 euros on Friday.
When it joined the manufacturer of high-tech cameras for Tornado aircraft as well as tank periscopes and radar systems for the Eurofighter, the federal government paid 450 million euros for an equal share package: 156 million less than Leonardo.
KKR removed Hensoldt from the Airbus Group for 1.1 billion euros in 2016 and floated it on the stock exchange last autumn - at that time at an issue price of twelve euros per share.
With the sale of shares, the financial investor has now taken in more than 1.2 billion euros; after the sale to Hensoldt, he still has 18 percent of the shares.
At the entry-level price of Leonardo, the company from Taufkirchen near Munich is valued at around 2.4 billion euros.
By joining, Leonardo claims to have two seats on the Hensoldt Supervisory Board.
KKR has so far provided the head of the supervisory board and two other members, but according to the agreement with the federal government, it has to surrender a position on the supervisory board as soon as the financial investor's participation falls below 25 percent.
clh / Reuters