Airbus to sell Defense Electronics business to KKR
On March 18, Airbus Group SE announced that it has reached agreement with KKR, a leading global investment firm, to sell its defense electronics business (Defense Electronics), a provider of mission-critical sensors, integrated systems and services for premium defense and security applications based in Germany.
This is a significant step forward in the portfolio reorganization announced by the Airbus Defense and Space Division in September 2014. The transaction is expected to close in the first quarter of next year and is subject to customary closing conditions, including regulatory approvals and employee consultation.
Bernhard Gerwert, chief executive officer of Airbus Defense and Space, said: “This is an excellent outcome for our Orlando process which aimed at repositioning Defense Electronics for the future with an excellent outcome for all stakeholders. Defense Electronics is a strong, profitable business with significant growth potential and we are convinced that KKR and the Defense Electronics management team and employees will continue to strongly develop the business going forward.”
Johannes Huth, member and head of KKR Europe, Middle East and Africa, said: “We are delighted to have been chosen as the best partner for the defense electronics business. KKR will support the growth and development of the company with its financial resources, international network, long-standing expertise in the global industrial sector and its extensive experience building successful industrial companies in Germany, such as MTU Aero Engines, Demag Cranes and Kion.”
Source: Airbus Group