Cargotec Completes Sale of its Navis Business to Technology Investment firm Accel-KKR

Source: www.gulfoilandgas.com 7/2/2021, Location: Europe

Cargotec has completed the sale of its Navis business to the US technology investment firm Accel-KKR for an enterprise value of EUR 380 million. Accel-KKR has transferred EUR 350 million of the enterprise value to Cargotec and obtained control of Navis' business. The remaining EUR 30 million of the enterprise value will be transferred to Cargotec by the end of 2021. The transition of Navis operations and employees to Accel-KKR takes place in phases before the end of 2021, subject to local legal requirements.

Cargotec estimates that the transaction will have approximately EUR 240 million positive impact on its operating profit in 2021. On its 26 March 2021 release, Cargotec estimated the positive impact to be EUR 230 million. The gain will be reported as an item affecting comparability and it does not impact Cargotec’s outlook for 2021 published on 28 April 2021 in conjunction with the company’s interim report January–March 2021.

As of 1 July 2021, Navis results are no longer consolidated into Cargotec financials.


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