Cargotec Corporation has signed an agreement to sell the provider of operational technologies and services Navis to Accel-KKR, a Silicon Valley-based technology-focused investment firm for an enterprise value of €380 million (US$450 million).
[s2If is_user_logged_in()]This follows the announcement in February 2020 that Cargotec would evaluate strategic options for Navis to identify the best options to support the future development of the company. In December 2020, Cargotec had announced that the board of directors has decided to initiate the sales process of the Navis software business.
Park Durrett, managing director of Accel-KKR, said, “Navis will extend Accel-KKR’s focus on investing in solutions that can drive toward a true end-to-end, all-in-one execution and visibility platform that shippers and operators have been seeking.”
The closing of the deal is expected by the end of the third quarter of the year as the transaction is still subject to normal regulatory approvals and works council consultation in relevant jurisdictions. Citi is serving as financial advisor and Reinhart Boerner Van Deuren s.c. is serving as legal counsel to Cargotec.
Under Cargotec’s ownership and investment, Navis established a market-leading position in terminal operating systems, according to a statement, and made a number of acquisitions that strengthened its presence in enterprise software for global logistics providers. Additionally, in 2020 Navis had recorded sales of €107 million (US$126 million).
“Navis is looking forward to the next stage in our growth with Accel-KKR that brings a wealth of enterprise software expertise, network and global resources,” commented Benoit de la Tour, Navis president and CEO.
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