Siemens to Sell Innomotics to KPS Capital Partners for $3.8 Billion
By Adria Calatayud
Siemens said it agreed to sell its Innomotics large motors business to private-equity firm KPS Capital Partners for 3.5 billion euros ($3.81 billion), part of the German industrial giant's efforts to reshape its portfolio.
The company said Thursday that it opted for a sale of the business instead of pursuing a public listing, as previously disclosed.
Innomotics generates about EUR3.3 billion in annual revenue and employs around 15,000 people, Siemens said.
Siemens expects the deal to close in the first half of fiscal 2025, which ends in March next year, but said completion is subject to customary foreign-investment and merger control approvals.
Write to Adria Calatayud at adria.calatayud@wsj.com
(END) Dow Jones Newswires
May 16, 2024 01:38 ET (05:38 GMT)
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