Vehviläinen

Cargotec has completed the sale of its Navis business to the US technology investment firm Accel-KKR for an enterprise value of EUR380 million (USD450 million).

Accel-KKR has transferred EUR350 million of the enterprise value to Cargotec and obtained control of Navis. The remaining EUR30 million of the enterprise value will be transferred to Cargotec by the end of 2021.

The transition of Navis operations and employees to Accel-KKR will take place in phases before the end of 2021, subject to local legal requirements.

Cargotec estimates that the transaction will have approximately EUR240 million (USD285 million) positive impact on its operating profit in 2021.

As reported in April, Cargotec agreed to sell its Navis business to Accel-KKR, subject to normal regulatory approvals and works council consultation in relevant jurisdictions.

This followed the December 2020 board decision to initiate the sales process of the software business.

At the time, Mika Vehvilainen, Cargotec CEO, said the transaction would "secure the best possible growth and value creation for the next development phase for Navis".