KKR & Co. L.P. (NYSE:KKR) entered into an agreement to acquire defence electronics business from Airbus Defence and Space GmbH for €1.1 billion on March 18, 2016. Airbus Group may maintain a minority stake to ensure a smooth and seamless transition for the business, its employees and partners. Defence Electronics has annual revenues of around €1 billion. The transaction is subject to customary closing conditions, including approvals from Federal Ministry of Economics, antitrust authority and employee consultation. The transaction is expected to close in the first quarter of 2017. As of June 6, 2016, the transaction was approved by European Commission.

Maximilian Schiessl, Christian Schwandtner, Wolfgang Meyer-Sparenberg, Heinrich Knepper, Vera Jungkind, Dirk Uwer, Thorsten Mäger, Martin Klein, Hendrik Bockenheimer, Mathias Link, Astrid Harmsen, Patrick Wilkening, Martin Ulbrich, Katharina Hesse, Daniel Doetsch, Gerrit Forst, Sonnhild Heinsch, Alexander Kredig, Deniz Tschammler, Matthias Rothkopf and Marc Wetzig of Hengeler Mueller acted as legal advisors for KKR & Co. Ralph Kogge, Torsten Schreier, Patrick Tardivy, Ferdinand Fromholzer, Patrick Cichy, Norbert Schneider, David Beutel, René Döring, Thomas Wessely, York Jetter, Maximilian Lasson, Christoffer Bortz, Anke Allenhöfer, Elizabeth Reiner-Oberholzer, Fabian Behrens, Philipp Redeker, Björn Junior, Thoralf Knuth, and Nina Heym of Freshfields Bruckhaus Deringer acted as legal advisors for Airbus Group. Ian Barratt, Shahpur Kabraji, Deborah El-Schaeddhaei, Alvaro Membrillera, David E. Vann, Tara Kelly and Alessia De Quincey of Simpson Thacher acted as legal advisors in connection with the financing to KKR. Evercore acted as financial advisor for Airbus Group. Ernst & Young acted as financial advisor to Airbus Group. Dirk Hamann, Ralf Thaeter, Ralf Tietz, Genevieve Baker and Alexander Kern of Herbert Smith acted as legal advisors for Federal Republic of Germany. JPMorgan Chase acted as financial Adviser to KKR.

KKR & Co. L.P. (NYSE:KKR) completed the acquisition of 74.9% stake in defence electronics business from Airbus Defence and Space GmbH on February 28, 2017. Airbus will maintain a 25.1% minority stake for a limited number of years post-closing. The defence electronics business will be renamed as Hensoldt. The transaction has received regulatory and other approvals, including from the German government.