Today it will be up to the Stock Exchange to evaluate Leonardo's big coup in Germany where Alessandro Profumo has burned off the competition from Thales by securing a robust stake in Hensoldt, a leading defense electronics company. The operation is particularly strategic from an industrial and technological point of view. The Italian group led by Profumo has in fact entered into an agreement with Square Lux Holding II, a company controlled by funds assisted by Kohlberg Kravis & Roberts & Co., for the acquisition of a 25,1% stake in Hensoldt at a price of approximately 606 million euros, equal to 23 euros per share. Hensoldt is the leading German sensor company for defense and security applications, with an ever-expanding portfolio in cyber security, data management and robotics. Following the finalization of the transaction, Leonardo will therefore become Hensoldt's major shareholder together with Kreditanstalt für Wiederaufbau (KfW), 80% owned by the Federal Republic of Germany.
“We are excited about the investment in Hensoldt as a catalyst for forging a closer partnership that will further strengthen our respective positions in the anticipated growing defense electronics market. We believe this step will create value for our shareholders by bringing together complementary strengths to serve more customers and partners with the solutions they need, while preserving domestic technologies and capabilities. This investment also reflects Leonardo's long-term vision regarding the importance of building cooperation in the European aerospace and defense industry and Leonardo's determination to play an active role in its development,” he commented. Alessandro Profumo, Leonardo's Managing Director.
Thomas Müller, Chief Executive Officer of Hensoldt, added: “We welcome the investment from Leonardo. Through this transaction we will be able to count on a second long-term reference shareholder in our company and a potential important strategic partner with whom we already collaborate successfully on a number of programs. As a leading supplier of sensors for defense and security applications, we see multiple opportunities for collaboration with Leonardo to further support our successful strategy and strengthen long-term growth.” Through the investment in Hensoldt, Leonardo will establish a long-term strategic presence in the rapidly growing German defense market. Already today, Leonardo and the acquired company have a consolidated partnership which includes the collaboration on the Eurofighter Typhoon programme as independent operators within the consortium.
