Bajaj Auto finalises share swap deal from KTM AG to 49.9% stake in KTM holding company

The 46.5% KTM shares now held by PTW Holding AG will be contributed to PIERER Mobility AG against the granting of new shares in the context of a capital increase through contributions in kind.

By:Updated: Sep 30, 2021 6:55 PM

Bajaj Auto has announced a share swap deal, moving BAIHBV’s 46.5 percent stake in KTMAG for a 49.9 percent in KTM’s holding company. This brings about a change in the shareholding structure of Bajaj Auto’s 100% Netherlands subsidiary Bajaj Auto International Holdings BV (BAIHBV) in KTM AG, Austria. This is further to announcements made on 26 July 2021. In a first step, BAIHBV has today contributed 46.5% out of its approximately 48% shares currently held in KTM AG to PTW Holding AG (the majority shareholder of PIERER Mobility AG), owned by the Pierer Group. In return, BAIHBV has been granted a 49.9% stake in PTW Holding AG.

EUR 895 mio. capital increase of PIERER Mobility AG

In a second step, the 46.5% KTM shares now held by PTW Holding AG will be contributed to PIERER Mobility AG against the granting of new shares in the context of a capital increase through contributions in kind.

To this end, the Management Board of PIERER Mobility AG has resolved today to execute a capital increase against contribution in kind in the total amount of EUR 895 mio., corresponding to 49.9% the existing share capital, by making use of the authorised capital. In this context, 11,257,861 shares will be issued at an issue price of EUR 79.50 per share, which is higher than the current stock market price.

The capital increase will be carried out exclusively against contribution in kind of KTM shares by PTW Holding AG and under exclusion of subscription rights of the other shareholders. The capital increase will be executed, subject to the approval of the supervisory board, in the second half of October.

Following the execution of this transaction, the shareholding of PIERER Mobility AG in the operating KTM AG will increase from currently around 51.7% to around 98.2%. The Pierer Group will continue to retain sole control over PIERER Mobility AG.

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