Cargotec Corporation has signed an agreement to sell its Navis business to Accel-KKR, a Silicon Valley-based leading technology-focused investment firm, for an enterprise value of EUR380 million (USD447 million).

The final purchase price will be determined based on customary working capital and debt-like adjustments at closing.

Cargotec expects that the deal will have a EUR230 million (USD270 million) positive impact on its operating profit in 2021. The gain will be reported as an item affecting comparability and it does not impact Cargotec's outlook for 2021 published on 4 February 2021 in conjunction with the company's financial statements review.

The transaction is subject to normal regulatory approvals and works council consultation in relevant jurisdictions. Closing is expected by the end of Q3 2021.

In December 2020, Cargotec announced that the Board of Directors had decided to initiate the actual sales process of the Navis software business.

Mika Vehvilainen, Cargotec CEO, says: "We are pleased to have reached this agreement that delivers a great home for Navis and maximises value for our stakeholders. The transaction will secure the best possible growth and value creation for the next development phase for Navis."