To KPS Captial Partners
Siemens sells Innomotics for 3.5 billion euros
Siemens sells Innomotics to KPS Capital Partners for 3.5 billion euros. Preparations for an IPO of the manufacturer of electric motors and large drives were announced in November.
Siemens has announced the sale of Innomotics, the manufacturer of electric motors and large drives. An agreement to this effect was signed with KPS Capital Partners. The purchase price: 3.5 billion euros. The sale to KPS is expected to be completed in the first half of fiscal 2025, subject to the usual approvals of foreign investments and merger control authorities.
In November 2022, Siemens decided to merge its large drives and electric motors businesses under one roof and set them up independently outside the Group's core business. Since then, the spin-off has been implemented as planned. In light of the current sale, Siemens decided not to press ahead with the preparations for an IPO of Innomotics announced in November 2023. The future positioning with KPS as the new owner offers Innomotics' business the best framework conditions for sustainable and growth-oriented development, according to the press release. "This decision creates clarity for Innomotics' customers and employees and paves the way for Innomotics' extensive opportunities for further successful business development. Siemens and its shareholders will benefit even more from the consistent focus on connecting the real and digital worlds in the future," said Siemens CFO Ralf P. Thomas.
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