OHB shares fell 9.3% to approximately €372, as investors reacted to the German space technology group's plan to raise roughly €500m in capital. The company intends to increase its free float through a public offering to existing shareholders via subscription rights.
In connection with the move, the company's primary shareholders, the Fuchs family and Orchid Lux HoldCo, an entity indirectly owned by companies advised by affiliates of the American investment firm KKR, plan to waive their subscription rights.
Consequently, approximately 94% of the new shares are expected to be sold through a simultaneous private placement, which is also anticipated to include shares currently held by Orchid Lux HoldCo. The Fuchs family does not intend to sell any shares during this transaction and will remain the majority shareholder of OHB. Orchid Lux HoldCo also plans to remain a shareholder, retaining the majority of its current stake.
Gross proceeds from the capital increase are expected to reach approximately €500m, compared to a current market capitalization of just under €7.9bn. OHB intends to utilize the net proceeds for the industrialization of its production sites, strategic acquisitions, investments in launch vehicles and next-generation programs, as well as other corporate projects.
The completion of the rights offering and the private placement remains subject to market conditions and subsequent decisions by the relevant governing bodies.
OHB SE is a Germany-based company, which focuses on the space technology. The Company operates in two segments: Space Systems, developing and executing space projects, low-orbiting and geostationary small satellites for navigation, research, communications and earth observations including scientific payloads; and Aerospace + Industrial Products, responsible for fabricating aviation and space products as well as other industrial activities. The Company operates through a number of subsidiaries located in Germany, Italy, Luxembourg, Belgium, France, Sweden, the United Kingdom and French Guiana, including OHB Logistic Solutions GmbH, OHB France SAS, OHB Sweden AB, MT Aerospace Guyane SAS and ORBCOMM Deutschland Satellitenkommunikation AG.
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