NKT completes divestment of NKT Photonics
May 31 2024 - 3:30AM
NKT completes divestment of NKT Photonics
Company Announcement
31 May 2024Announcement No. 14
NKT completes divestment of NKT Photonics
As reported in Company Announcement no. 12 of 6 May 2024, the
final required regulatory approval was obtained for the divestment
of NKT Photonics to proceed. Today, the closing of the transaction
between NKT A/S (NKT) and Hamamatsu Photonics K.K, Japan (the
Purchaser) has been completed. The divestment marks the final step
in the process to fully focus NKT on its core business within power
cable solutions.
“We are proud to hand over a thriving high-tech business with
innovative technology built in Denmark and wish NKT Photonics the
best of luck at their new home. The closing of the divestment is
the much anticipated conclusion on our strategic journey to fully
focus NKT on our core business within power cable solutions. We
look forward to executing on our ambitious growth plans to ensure
we maintain our leading position in the market” says Jens Due
Olsen, Chairman of the Board of Directors in NKT A/S
The original divestment price was approximately 205 million
euros, however, due to an increase in the amount of net debt, the
transaction has a final enterprise value of approximately EUR
250m.
In recent years, NKT has communicated significant investments
across its medium- and high-voltage sites to meet the growing
demand for power cables needed for the transition to renewable
energy and general electrification of societies. The proceeds from
the divestment will be used to fund investments in the power cable
business and maintain a robust capital structure.
ContactInvestor Relations:
Jonas Kolby, Head
of Investor Relations (interim)
+45 5370 7431 / jonas.kolby@nkt.com
Press:
Louise W. Naldal, Head of
Group Communications
+45 2982 0022 / louise.westh.naldal@nkt.com
- NKT closes divestment of NKT Photonics
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