Rome. Leonardo has entered into a definitive agreement with Square Lux Holding II S.à r.l., a portfolio company controlled by funds advised by Kohlberg Kravis & Roberts & Co. L.P., to purchase a 25.1 per cent stake in HENSOLDT AG (“HENSOLDT”) for a cash consideration of approx. €606 million or €23 per share.
HENSOLDT is a leading European player in the field of sensor solutions for defence and security applications, with an expanding portfolio in cyber security, data management and robotics. As a result of the stake purchase, Leonardo will become the largest shareholder of HENSOLDT alongside Kreditanstalt für Wiederaufbau (KfW) which is 80 per cent owned by the Federal Republic of Germany. KfW agreed to acquire a 25.1 per cent stake in HENSOLDT in March 2021.
The closing of the transaction remains subject to customary conditions, including regulatory clearances in Germany and a selected number of countries, and is expected to take place in the second half of 2021.
UBS and DB acted respectively as Lead Financial Advisor and Financial Advisor to Leonardo. Clifford Chance acted as legal advisor to Leonardo.