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Cargotec selling Navis to Accel-KKR for $450m

Cargotec/Navis CARGO TEC-NAVIS (002).png
Cargotec is selling its terminal operating systems business Navis for $450m to Silicon Valley technology investment firm Accel-KKR.

Cargotec announced in February 2020 that it would evaluate strategic options for Navis to identify the best options to support the future development of Navis and last December, it said that Cargotec ‘s Board of Directors had decided to start the actual sales process of the Navis software business.

"We are pleased to have reached this agreement which offers a great home for Navis and maximises value for our shareholders. The transaction will ensure the best possible growth and value creation for the next phase of Navis' development," said Mika Vehviläinen, CEO of Cargotec

Cargotec said it expects the deal to have a positive impact of approximately $272m on its operating profit in 2021.

The transaction is subject to regulatory approvals and works council consultation in the relevant jurisdictions. Closing is expected by the end of the third quarter of 2021. In 2020, Navis recorded sales of $126.5m.

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