Cargotec sells Navis business to technology investment firm Accel-KKR for an enterprise value of EUR 380 million

CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 26 MARCH 2021 AT 10.00 AM (EET)

Cargotec sells Navis business to technology investment firm Accel-KKR for an enterprise value of EUR 380 million

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 EUR 380 million. Cargotec expects that the deal will have approximately EUR 230 million positive impact on its operating profit in 2021. The final purchase price will be determined based on customary working capital and debt-like adjustments at closing. 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. Transaction is subject to normal regulatory approvals and works council consultation in relevant jurisdictions. Closing is expected by the end of Q3 2021. In 2020 Navis recorded sales of EUR 107 million.

This follows the announcement in February 2020 that Cargotec would evaluate strategic options for Navis to identify the best options to support the future development of Navis. In December 2020, Cargotec announced that the Board of Directors has decided to initiate the actual sales process of the Navis software business. 

Mika Vehviläinen, Cargotec Chief Executive Officer said:
"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.”

Cargotec Corporation
The Board of Directors

For further information, please contact:


Mikael Laine, Senior Vice President, tel +358 20 777 4179


Cargotec (Nasdaq Helsinki: CGCBV) enables smarter cargo flow for a better everyday with its leading cargo handling solutions and services. Cargotec's business areas Kalmar, Hiab and MacGregor are pioneers in their fields. Through their unique position in ports, at sea and on roads, they optimise global cargo flows and create sustainable customer value. Cargotec has signed United Nations Global Compact’s Business Ambition for 1.5°C. The company's sales in 2020 totalled approximately EUR 3.3 billion and it employs around 11,500 people. www.cargotec.com