Mutares buys Valmet's engineering services

The deal is expected to be completed by the end of Q4 2020.

The carve-out comprises five sites in Germany and one site in Spain.

According to a statement from Valmet, the deal is part of the company's plan to shift its focus to electric vehicles. The business reported revenues of €652m in 2019.

The deal was conducted via a structured competitive auction process and is an all-equity investment.

The current deal is Mutares' sixth platform investment of 2020 and follows the acquisition of Nordic Road Services Oy and Nordic Road Services AB from NCC.

Company
Valmet's automotive engineering services include vehicle development, electronics, simulation, testing and prototyping. The company reported revenues of around €56m in 2019 and employs 600 staff. It is based in Bad Friedrichshall, with additional operations in Ingolstadt, Helmstadt-Bargen, Munich and Wolfsburg, as well as one site in Antas, Spain.

People
Mutares – Johannes Laumann (chief investment officer).
Valmet Automotive – Olaf Bongwald (CEO).

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