KME Group to combine cunova and aerospace business in SPAC deal

KME Group announced that its subsidiary KME SE signed a Business Combination Agreement to combine cunova GmbH (special products) and KME Aerospace into a publicly listed entity via SPAC SEDA. KME SE will convert its 45% stake in cunova and receive a majority stake in the combined company plus $20 million cash. Completion expected in Q2 2024.

“KME SE would convert its 45% stake held in cunova, as well as its receivables, into shares of the combined company listed on the NYSE and would further increase its shareholding as a result of the transfer of its aerospace business.”sec.gov

• 2 sources
• sec.govFeb 20, 2024
• reuters.comItaly's KME signs deal with US SEDA to list Cunova unit on NYSEFeb 20, 2024

Summarized from public sources; check the original articles before acting on it.