Triton postponed the planned share sale of military gearbox maker Renk AG after a global stock market rout over the past few days.
(Bloomberg) — Triton postponed the planned share sale of military gearbox maker Renk AG after a global stock market rout over the past few days.
A listing of Renk, which was due to start trading Thursday, remained an option, according to a statement late Wednesday. Investment company Triton bought the industrial-equipment maker in 2020 when it had a market value of about €750 million ($789 million).
Global markets have dropped in recent days in a series of punishing losses on concerns about persistent high interest rates and slowing economies. Ahead of the planned initial public offering, Frankfurt had been one of the brighter spots for share sales in Europe, prompting private equity owners to attempt to work on potential listings.
CVC is working on potential IPOs for two of its German portfolio companies, including fleet services firm DKV Mobility and perfume retailer Douglas, Bloomberg News has reported. Schott Pharma AG last week surged in its first day of trading after an €813 million IPO, the biggest in Germany so far this year.
Triton bought a 76% stake in Renk from Volkswagen AG, the German carmaker that was at the time divesting assets in the wake of a diesel-emissions scandal. Aside from gearboxes for tanks and pumps the company also makes compressors for the oil and gas industry.
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