Hensoldt AG : Acquisition of ESG… with no participation from Leonardo in the capital increase
>Acquisition of ESG - Accretion of 0.8% in FY 2025 and 3.2% in FY 2026 excluding integration costs - Hensoldt finally announced yesterday evening that it had reached an agreement to acquire ESG for an enterprise value of € 675m plus an earn-out capped at € 55m based on the performances achieved at end-December 2024. Stripping out annual run-rate cost synergies estimated at € 19m, ESG is valued at around 14x EBITDA (around 10x including synergies). The company believes...
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