Oppenhoff advises KNDS on cornerstone investment in connection with RENK Group listing

Oppenhoff has advised KNDS N.V. on a cornerstone investment in connection with the listing of RENK Group AG at the Frankfurt Stock Exchange. KNDS has acquired a 6.7 percent stake in RENK.

Oppenhoff advised on antitrust, foreign investment control, stock corporation and capital market law issues in connection with the transaction. In particular, various regulatory aspects had to be clarified with the competent German and foreign authorities, including the Federal Financial Supervisory Authority BaFin, the Federal Cartel Office and the Federal Ministry of Economics, within a tight schedule.

KNDS N.V., which is headquartered in Amsterdam, is a strategic merger formed in 2015 between Krauss-Maffei Wegmann and Nexter, two leading European manufacturers of military land systems based in Germany and France. KNDS employs approximately 9,000 people and generated sales of EUR 3.2 billion in 2022.

RENK, headquartered in Augsburg, Germany, is one of the world's leading manufacturers of mission-critical products and components for the security and defence sector. In particular, RENK manufactures special gear units for armored vehicles as well as for industrial and maritime applications. RENK and its former sole shareholder Rebecca BidCo S.à r.l., a holding company of the private equity firm Triton, has offered institutional investors a total of up to 30 percent of RENK’s shares in an accelerated bookbuilding process as part of the listing.

The Oppenhoff team led by Michael Abels (Aerospace & Defence) and Dr. Günter Seulen (Corporate/M&A) also included Robert Fischer-Sonnberg (Corporate/M&A), Stephan Müller, Dr. Carsten Bormann, Mareike Heesing (all Foreign Investment Control Law) as well as Dr. Daniel Dohrn and Renée Cherelle Eckruth (both Antitrust Law).

Oppenhoff’s aerospace and defence sector group is experienced in the business models and products of the industry, the strict regulatory environment and the expectations and procedures of the procurement authorities. It shows new ways to succeed in procurement projects. KNDS and its German subsidiary KNDS Deutschland (Krauss-Maffei Wegmann GmbH & Co KG) are among Oppenhoff’s established clients.

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