KKR buys Defence Electronics from Airbus for €1.1bn

Airbus stated it might maintain a minority stake to ensure a smooth and seamless transition. According to German publication Spiegel, defence contractor Rheinmetall teamed up with Blackstone for the auction process, with Cinven and Carlyle participating as well.

Airbus announced the reorganisation of its defence and space division in September 2014. It is part of Airbus's change in strategy, with the group trying to divest marginal businesses to focus on planes, rockets and satellites. In 2015, the group, which comprises Airbus, Airbus Defence & Space and Airbus Helicopters, generated revenues of €64.5bn and employs a workforce of around 136,600. The transaction is expected to close in the first quarter of 2017.

Company
Defence Electronics is a provider of mission-critical sensors, integrated systems and services for defence and security applications based in Ulm, Germany. It produces military sensors, electronic warfare systems, avionics and optronics. Defence Electronics has 4,000 employees, with annual revenues of around €1bn.

People
KKR Europe – Johannes Huth (head of KKR Europe, Middle East and Africa).
Airbus Defence & Space – Bernhard Gerwert (CEO).

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