KNDS family owners to sell 40% stake to German government, source says
Major Stake Sale and IPO Plans for KNDS
By Alexander Hübner
Details of the Stake Sale Agreement
MUNICH, June 21 (Reuters) - The families that own half of tank maker KNDS have agreed to sell a 40% stake to the German government in a deal valuing the company at up to €18 billion ($20.6 billion), according to a source familiar with the matter.
Valuation and IPO Preparation
Defense group KNDS is preparing an IPO for a dual-listing in Frankfurt and Paris that is expected this year.
The deal will value KNDS between €15 billion and €18 billion, depending on how the share price develops after the listing, the source said.
Initial Reports and Stakeholder Responses
Bloomberg first reported the stake sale.
KNDS did not immediately respond to a request for comment. The families and the German economy ministry, which is leading the talks on behalf of the government, declined to comment.
IPO Timeline and Official Announcements
KNDS plans to float before the summer, with the exact timing depending on the stake sale to the German government.
An official announcement of the IPO plan, known as the intention to float, is expected by Wednesday, the source added.
Additional Information
($1 = 0.8720 euros)
(Reporting by Alexander Huebner in Munich, Christian Kraemer in Berlin and Ananya Palyekar in Bengaluru; Writing by Rachel More; Editing by Alexandra Hudson and Edmund Klamann)
