Leonardo has entered into a definitive agreement with Square Lux Holding II S.à r.l., a portfolio company controlled by funds advised by Kohlberg Kravis & Roberts & Co., to purchase a 25.1% stake in HENSOLDT AG (HENSOLD) for a cash consideration of approx. €606 million or €23 per share.
HENSOLDT is a leading European player in the field of sensor solutions for defense and security applications, with an expanding portfolio in cyber security, data management and robotics. As a result of the stake purchase, Leonardo will become the largest shareholder of HENSOLDT alongside Kreditanstalt für Wiederaufbau (KfW) which is 80% owned by the Federal Republic of Germany. KfW agreed to acquire a 25.1% stake in HENSOLDT in March 2021.
With the investment in HENSOLDT Leonardo will establish a strategic long-term presence in the fast growing German defense market.
Already today, Leonardo and HENSOLDT have a well-established relationship, including collaboration on the Eurofighter Typhoon program as independent operators within the consortium model. The envisioned closer cooperation will be based on a strong complementary of the two companies in terms of geography, product portfolio, end markets, customers and suppliers in the Air Land and Naval domains, and will allow them to deepen access to their respective markets, offer complete solutions to their customers and share best-practices for the development of future technologies. (€1.00 = US$1.20 at time of publication.)
