Saab has announced that it is to sell its Maritime Traffic Management (MTM) operation, a provider of technology systems for vessel traffic, ports and terminals, to investment funds advised by Agilitas Private Equity for €40 million.
Completion of the deal is subject to certain conditions that need to be fulfilled before closing, expected to take place no later than March 2023, the company said. The divestment is part of a strategy by Saab to focus on its core areas: aeronautics, sensors, command and control, weapon systems and underwater systems.
Saab will divest the MTM operation to Agilitas’ funds but will remain a minority shareholder, holding between 21 and 28 percent of preference shares, with the figure to be determined at closing. Agilitas and Saab will issue a put and call option related to the minority ownership, giving the parties the right to exercise the options within a four-year period.
“MTM is a stable and resilient business, however no longer part of Saab’s core. As we continue to focus our growth within our core areas, we believe the MTM operations will benefit from being part of a new ownership for continued growth with Agilitas,” said Micael Johansson, Saab’s President and CEO.
MTM operations include Vessel Traffic Service Systems (VTS), Port Management Information Systems (PMIS) and Terminal Operating Systems (TOS). The business is run by Saab’s four legal entities in Apeldoorn, the Netherlands, Hong Kong, Vancouver, Canada, and Antwerp, Belgium.