KKR & Co. Inc. (NYSE:KKR) and Viessmann Group Gmbh & Co. Kg entered into a investment agreement to acquire 69% stake in Encavis AG (XTRA:ECV) for ?1.9 billion on March 14, 2024. Encavis shareholders will be offered ?17.50 per share in cash. In a related transaction, Abacon capital and other shareholders have signed binding agreements to sell approximately 18% and roll-over approximately 13% of Encavis shares and are fully supportive of the takeover offer. The voluntary public takeover offer will be subject to a minimum acceptance threshold of 54.2852% of all outstanding Encavis shares. The voluntary public takeover offer will be subject to various customary offer conditions, including the receipt of regulatory, antitrust and FDI approvals, with closing expected in Q4 2024. The Management Board and the Supervisory Board of Encavis, who have approved the execution of the Investment Agreement today, expressly support the Offer. As of May 2, 2024, The Management Board and the Supervisory Board of Encavis AG recommend shareholders to accept the offer. The acceptance period for the offer during which the shareholders of Encavis can tender their shares has commenced with the publication of the offer document on April 24, 2024 and will end on May 29, 2024. As of June 4, 2024, KKR announced that the minimum acceptance threshold of 54.285% set out in the course of the voluntary public takeover offer was exceeded by the end of the acceptance period on May 29, 2024. The acceptance rate of the offer has reached 68.55%. Shareholders who have not tendered their shares may still accept the offer during the statutory additional acceptance period, which is expected to commence on June 5, 2024 and to expire on June 18, 2024. The Bidder intends to announce the final result of the offer after the expiry of the additional acceptance period on June 21, 2024. As of June 21, 2024, Kohlberg Kravis Roberts & Co. L.P. and its affiliates announced that, at the expiry of the additional acceptance period at midnight (CET) on 18 June 2024, the takeover offer was accepted for a total of 87,007,448 Encavis shares i.e., corresponds to approximately 87.41 percent of all outstanding Encavis shares, including the shares that ABACON and other shareholders have sold or agreed to roll-over to Bidder under binding agreements. Post-settlement, Bidder intends to delist Encavis from the stock exchange as soon as legally and practically possible to benefit from financial flexibility and a long-term commitment of KKR and Viessmann under private ownership.

PJT Partners is acting as financial advisor and Latham & Watkins and Hengeler Mueller are acting as legal advisors on the takeover offer.