US drone firm Red Cat seeks control of Austria's Steyr Motors in $230 million deal (updated)
UPDATE 1-US drone firm Red Cat seeks control of Austria's Steyr Motors in $230 million deal Adds deal valuation in lead, updates share move in bullet 2
Oct 19 (Reuters) - Austrian engine and engine parts manufacturer Steyr Motors 4X0.VI said on Monday that US drone maker Red Cat Holdings RCAT.O plans to acquire the company in a deal valued at about €204.8 million ($230 million).
Red Cat intends to launch a voluntary takeover offer for all Steyr shares at €39 per share in cash, a 28.9% premium to the stock's last closing price.
Shares in Steyr jumped 20%, on track for the best day since March 2025.
B&C Holding Österreich, which owns about 15% of Steyr Motors, has agreed to tender its stake, Steyr said.
The transaction is subject to conditions, including foreign direct investment approvals and a minimum acceptance threshold of 50% plus one share, with Red Cat expecting to complete the acquisition in the first half of 2027.
Steyr CEO Julian Cassutti said he intends to tender his own shares as well.
Steyr Supervisory Board Chairman Rolf Wirtz said the board sees strategic potential in the proposed combination
($1 = €0.8910)
(Reporting by Amir Orusov, editing by Ludwig Burger and Thomas Seythal)
((amir.orusov@thomsonreuters.com))