Saab today announces the divestment of its Maritime Traffic Management (MTM) operation to funds advised by Agilitas Private Equity LLP (“Agilitas”) for an enterprise value of approximately 40 MEUR. MTM is a global provider of management solutions for vessel traffic, ports and terminals. Completion of the divestment is subject to certain conditions that need to be fulfilled before closing, expected to take place no later than March 2023.
The divestment is in line with Saab’s strategy with increased focus on its core areas: Aeronautics, Sensors, Command & Control, Advanced Weapon Systems and Underwater Systems.
Upon closing, Saab will divest the MTM operation to funds advised by Agilitas, and Saab will remain a minority shareholder, holding between 21 and 28 percent of preference shares, which will be determined at closing. Agilitas and Saab will issue a put and call option related to the minority ownership, giving the parties the right to exercise the options within a four-year period from closing.
“MTM is a stable and resilient business, however no longer part of Saab’s core. As we continue to focus our growth within our core areas, we believe the MTM operations will benefit from being part of a new ownership for continued growth with Agilitas,” says Micael Johansson, Saab’s President and CEO.
“We look forward to partnering with the management team in bringing the business to the next level by developing the service offering and expanding the customer base,” says Kevin Iermiin, partner at Agilitas.
Maritime Traffic Management (MTM) delivers a wide range of integrated solutions to maritime users around the world. These solutions allow customers to run efficient ports, terminals and pilotages; manage safety and efficiency of traffic on waterways; protect the environment; perform law enforcement and coast guard operations; and protect infrastructure at sea.
MTM operations include the Vessel Traffic Service Systems (VTS), Port Management Information Systems (PMIS) and Terminal Operating Systems (TOS). The operations are performed from Saab’s four legal entities in Apeldoorn, the Netherlands, Hong Kong, Vancouver, Canada, and Antwerp, Belgium.