Duerr Shares Rise After Takeover of BBS Automation
13 6월 2023 - 5:29PM
Dow Jones News
By David Sachs
Duerr shares rose Tuesday after the company acquired
Germany-based BBS Automation Group from a consortium led by Swedish
private-equity firm EQT for between 440 million and 480 million
euros ($473.4 million-$516.4 million) including debt.
At 0743 GMT, shares in the German plant engineering company were
up 3.4% to EUR29.54.
Duerr said it bought the automated-machinery company as part of
its strategy to expand its automated technology business.
Duerr expects the takeover, which includes acquiring all of the
shares in BBS's holding company, EQT-owned Rome HoldCo GmbH, to
more-than double its automation revenue in 2024 to EUR500
million.
BBS founder Josef Wildbruger will stay on as manager, Duerr
said.
Completion and consolidation are expected for the end of the
third or beginning of the fourth quarter of 2023, Duerr said.
Baader Helvea analyst Peter Rothenaicher said in a research note
that BBS seems to be a good fit for Duerr and represents a strong
expansion of its automation business, one of the company's key
strategic targets.
Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
June 13, 2023 04:14 ET (08:14 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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