October 28, 2019 / 1:06 PM / 10 months ago

KKR adds Deutsche Bank to defense supplier Hensoldt's IPO lineup: sources

FILE PHOTO: The KKR & Co name is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid/File Photo

FRANKFURT (Reuters) - Private equity firm KKR (KKR.N) has added Deutsche Bank (DBKGn.DE) and KKR Capital Markets as additional global coordinators for the planned stock market flotation of German defense supplier Hensoldt, people close to the matter said.

The buyout group is working with the two investment banks as well as JP Morgan (JPM.N) and Bank of America (BAC.N) on potentially listing 20-30% of the company on the Frankfurt stock exchange, in a deal that could take place in the second quarter of 2020 and value the group at about 2.5 billion euros ($2.77 billion), they said.

KKR and the banks declined to comment.

Hensoldt makes military sensors, electronic warfare equipment, avionics and optronics. It employs 4,400 staff and has annual sales of 1.1 billion euros. In 2020, it is expected to post earnings before interest, tax, depreciation and amortization of about 250 million euros, one of the people said.

Hensoldt’s high-tech cameras are used in products including Tornado fighter jets that fly surveillance missions over Syria and Iraq, while it also supplies radars for Eurofighter jets as well as periscopes for submarines and Leopard and Puma tanks.

Reporting by Arno Schuetze and Abhinav Ramnarayan, editing by Louise Heavens

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