BERLIN (Reuters) – German space technology company OHB soared more than 30% on the Frankfurt Stock Exchange on Monday after it announced a takeover bid from U.S. investor KKR for a minority stake, which would take the rating group.
At 9:00 GMT, OHB shares soared 31.83% to 42.45 euros, reaching their highest level in two and a half years. She is about to sign her strongest daily progression in 22 years.
OHB said Monday that KKR plans to launch a tender offer for all of its outstanding shares at a price of 44 euros per share, an offer that values the company at 768 million euros.
The Fuchs family, which owns just under 70% of OHB, will retain its shares and remain majority shareholders, with Marco Fuchs remaining as chief executive for another five years.
In total, KKR will invest up to 338 million euros in OHB as part of its offer, which also includes a 10% capital increase and an equity injection into OHB’s rocket manufacturing subsidiary, Rocket Factory.
“We are delighted to have found in KKR the ideal partner to support our growth and our long-term vision,” said Marco Fuchs.
OHB said its board of directors and supervisory board support the offer and intend to recommend that shareholders accept it.
The Bremen-based company aims to become the leading satellite provider for states and commercial customers in Europe.
Last year, OHB, which employs 3,000 people, achieved a turnover of more than one billion euros.
“The global market for space solutions will continue to grow, and we see significant potential in Europe,” said Christian Ollig, partner and head of the German-speaking region at KKR.
OHB reported pre-tax profit of 19.6 million euros in the first half, and said its order book reached 1.8 billion euros.
(Report Alexander Huebner, Rachel More, French version Corentin Chapron, edited by Blandine Hénault)
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