Photonics Management Europe SRL agreed to acquire NKT Photonics A/S from NKT A/S (CPSE:NKT) for approximately ?205 million on June 9, 2022. Hamamatsu Photonics entered into a share purchase agreement to acquire NKT Photonics A/S from NKT A/S (CPSE:NKT) on June 24, 2022. As per the announcement Hamamatsu Photonics K.K. board of directors had already passed a resolution on June 9,2022. Hamamatsu Photonics K.K. will acquire 15 million shares of NKT Photonics A/S. The Acquisition will be financed from Hamamatsu Photonics K.K. own funds and bank loans. As of December 31, 2021. NKT Photonics A/S reported a turnover of ?80.1 million and total assets of ?151.5 million with a negative EBIT of ?7.1 million and negative total common equity of ?11.2 million. The transaction is subject to regulatory approvals. The transaction is expected to complete on March 31, 2023. The required regulatory approvals have over the past months been obtained from authorities in Germany, United Kingdom, and the United States. However, as of May 2, 2023, Photonics Management Europe SRL has been denied the authorization under the Danish Investment Screening Act to proceed to complete the transaction and acquire NKT Photonics. According to the Danish Investment Screening Act, the Danish Minister for Industry, Business, and Financial Affairs can refuse to authorize a foreign company's investment in Denmark, if it poses a threat to national security or public order in Denmark. Now, NKT awaits the Photonics's further actions in response to the decision and, separately, NKT evaluates its options considering the decision. NKT deems to be contractually well protected against the situation. As of May 9, 2023 Danish Business Authority denied the deal. As of July 20, 2023, Hamamatsu Photonics K.K. submitted to the Danish Business Authority an application to acquire shares in NKT Photonics as a subsidiary of Photonics Management Europe SRL. As announced on May 6, 2024, on July 20, 2023, Hamamatsu Photonics refiled its application to have the transaction approved in Denmark under the Danish Investment Screening Act. Hamamatsu Photonics received a notice from the Danish Business Authority that the Acquisition was approved. NKT Photonics can now be divested to Hamamatsu. NKT expects the transaction to be completed within Q2 2024. J.P. Morgan Securities acted as financial advisor to NKT A/S. Kromann Reumert acted as legal advisor for NKT A/S.

Photonics Management Europe SRL completed the acquisition of NKT Photonics A/S from NKT A/S (CPSE:NKT) for approximately ?250 million on May 31, 2024.