Cargotec Corporation has agreed to sell its Navis business to investment firm Accel-KKR in a €380 million ($448 million) deal.
Announced on 26 March, the Silicon Valley-based technology investment firm will acquire Navis with closing expected by Q3 2021.
The news comes following a long evaluation of strategic options for Navis to identify the best options for future development of the firm. In December 2020, Cargotec announced that the Board of Directors had decided to initiate the sales process of the Navis software business.
Cargotec expects that the deal will have approximately €230 million ($271 million) positive impact on its operating profit in 2021.
Mika Vehviläinen, Cargotec CEO, said, “We are pleased to have reached this agreement that delivers a great home for Navis and maximises value for our stakeholders.
“The transaction will secure the best possible growth and value creation for the next development phase for Navis.”
The transaction is subject to regulatory approvals and works council consultation in relevant jurisdictions.The final purchase price will be determined based on customary working capital and debt-like adjustments at closing.
The gain will be reported as an item affecting comparability and it does not impact Cargotec’s outlook for 2021 published on 4 February 2021 in conjunction with the company’s financial statements review.
In 2020 Navis recorded sales of €107 million ($126 million).
