By David Sachs
Duerr shares rose Tuesday after the company acquired Germany-based BBS Automation Group from a consortium led by Swedish private-equity firm EQT for between 440 million and 480 million euros ($473.4 million-$516.4 million) including debt.
At 0743 GMT, shares in the German plant engineering company were up 3.4% to EUR29.54.
Duerr said it bought the automated-machinery company as part of its strategy to expand its automated technology business.
Duerr expects the takeover, which includes acquiring all of the shares in BBS's holding company, EQT-owned Rome HoldCo GmbH, to more-than double its automation revenue in 2024 to EUR500 million.
BBS founder Josef Wildbruger will stay on as manager, Duerr said.
Completion and consolidation are expected for the end of the third or beginning of the fourth quarter of 2023, Duerr said.
Baader Helvea analyst Peter Rothenaicher said in a research note that BBS seems to be a good fit for Duerr and represents a strong expansion of its automation business, one of the company's key strategic targets.
Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
06-13-23 0414ET
