Defence
Advisor to KNDS as they act as cornerstone investor in the successful IPO of RENK Group
Background
Steen Associates acted as financial advisor to KNDS in connection with the successful IPO of RENK AG. KNDS N.V. (KNDS) is a leading European defence company, founded in 2015 through the merger of Krauss-Maffei-Wegmann (KMW) and the French defence company Nexter Systems.
About the transaction
KNDS has subscribed to shares worth EUR 100 million in RENK Group AG as a cornerstone investor in the IPO.
In addition, the selling shareholder TRITON and KNDS entered into an agreement allowing KNDS:
to appoint a member of the supervisory board of RENK Group AG; and
to acquire additional shares from the selling shareholder at a later point in time after the listing, at a share price above the Placement Price, in order to reach a total shareholding of up to 25% plus one vote.
About the client
KNDS is a leading European defense company and, among other products, manufactures one of the world’s leading battle tanks, the Leopard 2, for which RENK supplies the transmissions.
The investment of KNDS into RENK Group AG will further support the strategic international growth of RENK and strengthen its market position. As stated by Susanne Wiegand, CEO of RENK Group AG:
“With KNDS, another strong and long-term committed investor joins us, convinced of RENK's capabilities and strategy. The longstanding, trusted business relationship with KNDS as one of our key customers lays the foundation for a successful future. We look forward to taking the next step together."
Date:
February 2024
Service:
Buy side
Deal locations:
Size:
$100m
