Cargotec completes sale of its Navis business to Accel-KKR
2 July 2021Cargotec has completed the sale of its Navis business to US technology investment firm Accel-KKR for €380m.
Accel-KKR has transferred €350m of the enterprise value to Cargotec and obtained control of Navis' business.
The remaining €30m of the enterprise value will be transferred to Cargotec by the end of 2021.
The transition of Navis operations and employees to Accel-KKR takes place in phases before the end of 2021, subject to local legal requirements.
Cargotec estimates the transaction will have approximately €240m positive impact on its operating profit in 2021.
On its March 26, 2021 release, Cargotec estimated the positive impact to be €230m. The gain will be reported as an item affecting comparability and it does not impact Cargotec’s outlook for 2021 published on April 28, 2021 in conjunction with the company’s interim report January–March 2021.
As of July 1, 2021, Navis results are no longer consolidated into Cargotec financials.
