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Jenoptik completes acquisition of Trioptics

source:optics.org

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Time:2020-10-06

Jena and Wedel, Germany – With the closing on September 24, 2020, Jenoptik AG (FSE: JEN / ISIN: DE000A2NB601) has successfully completed the acquisition of the first tranche of 75 percent of the Hamburg-based optics specialist Trioptics, which had been anticipated for the third quarter.

All conditions precedent relating to the transaction have been fulfilled and all necessary official approvals for the takeover have been obtained. Jenoptik will take over the remaining 25 percent of shares from the owners after fulfilling defined success criteria on December 31, 2021. It is planned to establish Trioptics's business within Jenoptik's Light & Optics Division as a fourth, new strategic business unit.

As previously stated, the enterprise value equates to a combined 2021e EV/EBITDA multiple of 10.4. Both parties to the contract agreed not to disclose details of the purchase price.

'High profitability'

Stefan Traeger, Jenoptik President & CEO, commented: “Due to its high profitability and strong free cash flow generation, Trioptics will contribute significantly to Jenoptik’s earnings already in the current fiscal year with the initial consolidation starting on the day of closing.

“Substantial synergies are expected not only from the expanded technological know-how, but also from the expansion of leading market positions and the intensified cooperation with important global Tier 1 companies. The complementary portfolios will allow to offer a broader range of measuring systems, as well as production facilities for sensor solutions and optical microcomponents, which over the long term might be reflected in economies of scale and thus revenue synergies worth more than 50 million euros.”

Jenoptik will provide further details regarding the financial impact of the acquisition on net asset, financial and earnings position of the Group with the reporting of the annual results 2020 in March, 2021.