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German space company OHB announces KKR takeover bid

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BERLIN : OHB on Monday announced a voluntary public tender offer by US investment company KKR for all outstanding shares in the German space technology company, with the Fuchs family to retain permanent control of the company. The deal foresees an offer price of 44 euros ($48.34) per share.OHB said

BERLIN : OHB on Monday announced a voluntary public tender offer by US investment company KKR for all outstanding shares in the German space technology company, with the Fuchs family to retain permanent control of the company.OHB said its executive and supervisory boards supported the offer and intended to recommend that shareholders accept it.

The Fuchs family would remain majority shareholders, with Marco Fuchs as CEO and the existing management team to continue leading the company. "Strengthening OHB as an independent, European company and partner for governments and institutions strengthens European security and sovereignty in space," Fuchs said in a statement, adding that the deal with KKR as minority investor would support its long-term growth.

As part of the deal, KKR is to invest 30 million euros in OHB subsidiary Rocket Factory Augsburg AG through convertible instruments.Source: Reuters

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