Divestment of NKT Photonics approved by the Danish Business Authority
In This Article:
Company Announcement
6 May 2024
Announcement No. 12
Divestment of NKT Photonics approved by the Danish Business Authority
In company announcement no. 11 of 24 June 2022, NKT A/S (NKT) announced to have entered into an agreement to divest NKT Photonics to Photonics Management Europe S.R.L, a 100% owned subsidiary of Hamamatsu Photonics K.K, Japan (the Purchaser). Closing of the transaction was subject to regulatory approvals which were obtained from Germany, United Kingdom, and the United States, however, not approved in Denmark in May 2023.
In July 2023, the Purchaser refiled its application to have the transaction approved in Denmark under the Danish Investment Screening Act (in Danish: Investeringsscreeningsloven).
The Danish Minister for Industry, Business, and Financial Affairs (in Danish: Erhvervsministeren) has now granted authorisation to the Purchaser for the transaction to proceed.
The Chair of the Board of Directors, Jens Due Olsen says:
- We are pleased that the approval has been obtained and that NKT Photonics can now be divested to Hamamatsu. This will maximize the value creation and position NKT Photonics for long-term growth. For NKT, the divestment marks the final step in the process to fully focus the company on our core business within power cable solutions, where we have announced several investments in the past year to support the green transition of societies.
NKT expects the transaction to be completed within Q2 2024
Contact
Investor Relations: Michael Nass Nielsen, Head of Investor Relations, Tel.: +45 2494 1654
Press: Louise W. Naldal, Head of Group Communications, Tel: +45 2982 0022
Attachment