KKR disposes of indirect stake in Demag Cranes shares
Düsseldorf, 08. December 2006
- About seven million shares sold over the counter to various institutional investors
- Freefloat increases to approx. 90 percent
DCC Luxembourg 2 S.à r.l. and Demag MEP Beteiligungs GmbH have sold their outstanding ordinary shares of Demag Cranes AG, representing 33.2 percent of its share capital.
The transaction was conducted over the counter through the investment banks Goldman Sachs International und Lehman Brothers International (Europe). About seven million ordinary shares were subsequently sold to various institutional investors.
81 percent of Demag Holding S.à r.l. is owned by private equity funds advised by Kohlberg Kravis Roberts & Co. L.P. (“KKR”) while 19 percent are owned by Siemens AG (“Siemens”).
The present business segments of Demag Cranes AG were acquired by Demag Holding S.à r.l. in 2002 together with a number of other companies. The initial public offering of the Demag Cranes AG share was on 23 June 2006.
About Demag Cranes AG
The Demag Cranes Group is one of the world’s leading providers of industrial cranes and crane components, harbor cranes and port automation technology. Services, in particular maintenance and refurbishment services, are another core element of its business activities. The Group, which is divided into the Industrial Cranes, Port Technology and Services segments, has strong brands – ‘Demag’ and ‘Gottwald’. Demag Cranes believes that it is a global market leader, by virtue of its innovation and technology leadership, its excellent product and service quality and its close and long-term customer relationships. Demag Cranes manufactures in 16 countries on five continents and operates a worldwide sales and service network that is present in over 60 countries through its subsidiaries, representative offices and a joint venture.