Noerr Advises Syndicate Banks on Mutares' Successful Exit from Steyr Motors AG

Noerr Partnerschaftsgesellschaft mbB advised the syndicate banks Cantor Fitzgerald and Raiffeisen Bank International (in cooperation with ODDO BHF SCA) in connection with the successful exit of Mutares SE & Co. KGaA from its Austrian portfolio company Steyr Motors AG. Steyr Motors AG is a global leader in the development and production of special high-performance engines noted for high power density and durability. Its engines are primarily deployed in the defence and security sector—installed in specialised military vehicles and boats, used as auxiliary power units for battle tanks and locomotives—and also serve civilian applications. As part of the placement, Mutares, a private equity holding company listed on the SDAX, sold its remaining 23% stake in Steyr in a private placement to institutional investors in Germany and abroad. The sale, which completes Mutares' gradual reduction of its holding, increased Steyr’s free float to approximately 80%. Mutares acquired Steyr at the end of 2022 and carried out an operational turnaround. In October 2024 Steyr was admitted to the Scale segment of the Regulated Unofficial Market of the Frankfurt Stock Exchange. Through the successful re-placement and successive reductions of its shareholding, Mutares realised gross proceeds of more than EUR 170 million over the entire holding period and achieved a return on invested capital substantially above its communicated target range of 7–10x. Noerr had also previously advised on Steyr’s IPO on the Frankfurt Stock Exchange, prior placements involving Mutares and on Mutares’ successful uplisting to the regulated market (Prime Standard) of the Frankfurt Stock Exchange. Noerr Partnerschaftsgesellschaft mbB represented Cantor Fitzgerald and Raiffeisen Bank International (in cooperation with ODDO BHF SCA) with a team composed by: Dr Julian Schulze De la Cruz (Partner, Capital Markets, Frankfurt); Dr Holger Alfes, LL.M. (Partner, Capital Markets, Frankfurt); Dr Philip Schmoll (Associated Partner, Capital Markets, Frankfurt); Sebastian de Schmidt (Counsel, Capital Markets, Frankfurt); Dr Thomas Thies (Senior Associate, Capital Markets, Frankfurt); Dr Ralph Schilha (Partner, Corporate, Munich).

Noerr Advises Syndicate Banks on Mutares' Successful Exit from Steyr Motors AG

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