Cavotec sells Airports

Cavotec is divesting 100% of Airports, which accounted for around a quarter of the company’s revenue in 2020, to Fernweh Group for an approximate implied enterprise value of €16 million, an approximate equity value of €10 million plus an additional deferred value of approximately €3 million if certain considerations are met.

“As the market trends and regulatory requirements are expected to drive significant growth in demand for shore power, automated mooring and port and industry electrification, we have decided to focus resources and investments in these areas to further strengthen our position and accelerate growth,” said Mikael Norin, chief executive of Cavotec.

From the first quarter 2021, Cavotec has reported the Group’s Ports & Maritime and Industry businesses combined under the name New Cavotec. Airports has been reported separately.

Airports will as a result of the transaction be reported as an entity held for sale in the annual accounts for 2021, meaning that Cavotec under IFRS will need to make changes to the annual accounts and the Interim Report January – December 2021. Cavotec will therefore delay the publication of the Interim Report from 25 February 2022 to 30 March 2022.

The adoption of electrification and automation solutions is expected to accelerate hence Cavotec’s decision to focus on its core products of shore power, automated mooring, reels and electrical charging.