Cavotec divests the Airports business to US based investment company Fernweh Group
22 Fevereiro 2022 - 5:40PM
Cavotec divests the Airports business to US based investment
company Fernweh Group
Cavotec SA has signed an agreement
to divest 100% of its Airports business to US based investment
company Fernweh Group LLC for an approximate implied enterprise
value of EUR 16 million, and an approximate equity value of EUR 10
million plus an additional defered value of approximately EUR 3
million if certain considerations are met. The transaction forms
part of the previously communicated decision by Cavotec to
focus on the growing markets for
sustainability solutions in Ports & Maritime and Industry and
is expected to close by Summer of
2022. Airports accounted for approximately 25
per cent of Cavotec’s revenue in 2020. As a result of the
transaction, the publication of Cavotec’s Interim Report January –
December 2021 will be postponed to 30 March
2022.
“As the market trends and regulatory requirements
are expected to drive significant growth in demand for shore power,
automated mooring and port and industry electrification, we have
decided to focus resources and investments in these areas to
further strengthen our position and accelerate
growth. Furthermore, we believe that our Airports employees,
customers and partners will substantially benefit from the focus
that Fernweh will bring”, says Mikael Norin, CEO of
Cavotec.”
“We are excited by the opportunity to acquire
the Cavotec Airports business and look forward to working with
management to continue to strengthen the business. The
aquisition is an integral part of Fernweh’s investment thesis and
will be a strategic platform on which to build a major airport
ground support equipment franchise”, said Nick Santhanam, CEO
of Fernweh Group.Other financial informationOn 5
March 2021, Cavotec communicated a decision to focus resources and
make investments in the ports & maritime and industrial
markets. As a consequence, a process was initiated to divest the
Airports business. From the first quarter 2021, Cavotec therefore
has reported the Group’s Ports & Maritime and Industry
businesses combined under the name New Cavotec. Airports has been
reported separately.
Airports will as a result of the transaction be
reported as an entity held for sale in the annual accounts for
2021. A process has therefore been initiated to reflect the full
effects on Cavotec’s Annual Report 2021.
Delayed publishing of the Interim report
January – December 2021The fact that Airports
will be reported as an entity held for sale means that Cavotec
under IFRS will need to make necessary adaptations to the annual
accounts and the Interim Report January – December 2021. Cavotec
will therefore delay the publication of the Interim Report from 25
February 2022 to 30 March 2022.
Cavotec’s continued development in the
fast-growing ports & maritime and specialized industrial
applications markets The decision to focus Cavotec on
the fast-growing ports & maritime and specialized industrial
applications markets is the result of a strategic assessment
in 2021, with a thorough market analysis of the electrification and
efficiency trends as well as an increased emphasis on
sustainability solutions. With an expected accelerated adoption of
electrification and automation solutions at thousands of ports
around the world and for millions of pieces of industry assets,
Cavotec has an opportunity to strengthen its market leading
position by focusing on its core products such as shore power,
automated mooring, reels, electrical charging of commercial
vehicles as well as its wide service portfolio to support its
customers.
Through this strategic change, Cavotec expects to
advance its position to enable a future world that is cleaner,
safer and more efficient through providing profitable
sustainability solutions for Ports & Maritime and Industry
applications.
ENDS
For further details please contact:
Johan
Hähnel Investor Relations
Manager +46 70 605 63
34; investor@cavotec.com
This is information that Cavotec SA is obliged to
make public pursuant to the EU Market Abuse Regulation. The
information was submitted for publication, through the agency of
the contact person set out above, at 21:40 CET on February
22, 2022.
About Cavotec
Cavotec is a leading cleantech company that
designs and delivers connection and electrification solutions to
enable the decarbonization of ports and industrial applications.
Backed by more than 40 years of experience, our systems ensure
safe, efficient and sustainable operations for a wide variety of
customers and applications worldwide. Learn more
at cavotec.com.
- Press Release 22 February 2022
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