Hannover Finanz exits Astyx to ZF Friedrichshafen

Following the transaction Astyx and ZF Friedrichshafen will work together on radar technology to be implemented in cars for object detection, accident prevention and autonomous driving.

This exit follows the sale of software company Gestigon to French car manufacturer Valeo from High-Tech Gründerfonds and other German VC houses earlier this month 

Previous funding
Hannover Finanz acquired Astyx for an undisclosed sum in June 2000 using capital from Hannover Finanz VI.

Company
Astyx was founded in 1997 as a spinout from Daimler Benz Aerospace, which merged with other aerospace companies to become the European Aeronautic Defence and Space Company in 2000. Astyx develops and manufactures high and ultra-high frequency sensors for automotive, aerospace and industrial applications.

People
Hannover Finanz – Frank Löffler (investment manager).
ZF Friedrichshafen – Stefan Sommer (CEO).
Astyx – Günther Trummer (CEO).

Advisers
Equity – Deloitte, Jens Ballerstein (financial due diligence); Orrick, Christoph Brenner, Fabian von Samson-Himmelstjerna (legal).
Company – Görg München, Andreas Peter (legal).

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• Exits
• DACH
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• Trade sale