German space company OHB announces KKR takeover bid (updated)

OHB SE

07/08/2023 07:09

(Adds details)
       BERLIN, Aug 7 (Reuters) - OHB  OHBG.DE  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 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.
  
        OHB's growth strategy will also be supported by way of a
10% capital increase, it said.
  

($1 = 0.9102 euros)

 (Writing by Rachel More
Editing by Miranda Murray)
 ((rachel.more@thomsonreuters.com;))