Finland-based crane manufacturer Konecranes has asked MCF Corporate Finance, an international corporate finance advisory firm, to find a buyer for Stahl Cranesystems, its German unit that it must divest in order to obtain European regulatory approval for the acquisition of the material handling and ports division of Terex, according to a Reuters report.
Stahl had 2015 EBITDA of around €30 million (about U.S. $33.7 million), with sales of €145 million. Tentative bids for Stahl, which is expected to be valued at about €280 million to €320 million, are due in October, Konecranes said.
A Konecranes spokesman said he expects Stahl will draw interest from industrial and private equity buyers.
Konecranes is a global supplier of lifting equipment. Terex’s Material Handling & Port Solutions segment, supplies industrial cranes, crane components, crane services and container handling equipment. The proposed acquisition would create the world’s leading provider of hoists, industrial cranes and handling solutions.
The Commission’s preliminary investigation found that the original transaction would create significant overlaps between Konecranes’ and Terex’s activities in the supply of electric chain hoists and wire rope hoists, as well as standard cranes and container handling equipment. The investigation also determined that the transaction would risk significantly reducing effective competition in the markets for electric chain hoists and wire rope hoists in the European Economic Area, particularly in Germany and France. Customers raised concerns about the risk of price increases for both electric chain hoists and wire rope hoists in the EEA, particularly Germany and France.
To address the Commission’s competition concerns, Konecranes offered to divest its Stahl global business for hoists, cranes and other handling materials.
MCF Corporate Finance has offices in Hamburg, Helsinki and London. The firm specializes in international and domestic M&A transactions in Europe.
