Private Assets SE & Co. KGaA entered into agreement to to acquire an unknown stake in Zehnder Climate Ceiling Solutions from Zehnder Group AG (SWX:ZEHN) on May 16, 2024. In addition, Zehnder Group also intends to sell its Climate Ceiling Solutions unit in France (Zehnder Climate Ceiling Solutions SAS) to Private Assets.

The business area of Radiant Ceiling Panels for heating and cooling is not part of the transaction and will remain with Zehnder Group. Climate Ceiling Solutions generated revenue of around ?23 million in 2023 and employed a total of 75 people but has been loss-making in recent years. Closing of the transaction is subject to closing conditions and a prior employee information in France, which is customary for such transactions.

The transaction will result in a one-off loss of about ?10 million.