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Cargotec to sell Navis

Cargotec has announced agreed to sell its software company Navis to US technology investment company Accel-KKR for €380 million.

Cargotec originally acquired Navis from Zebra Technologies for $190 million in 2001 - see: Cargotec acquires systems company. Since then it has added numerous bolt-on acquisitions - Biarri Rail, Jade Logistics and Interschalt to name a few - as it looked to gain an increasing percentage of its revenues from services and systems rather than hardware. Last year the company boosted revenues of €107 million.

The company began the process of selling Navis in December following the decision to merge with Konecranes. Subject to regulatory approvals and consultation with the cooperating bodies, the deal is expected to conclude by October with the sale contributing approximately €230 million towards the company’s operating profit in 2021.

Cargotec chief executive Mika Vehviläinen, said: “We are pleased to have reached an agreement. Navis will acquire a new good owner and at the same time maximize the value received by our shareholders. The transaction will ensure the best possible value development in Navis' next growth phase."