KNDS is listing 20% of existing share capital on Euronext Paris and the Frankfurt exchange in a sale reserved for institutional investors and excluding any retail tranche.The German development bank KfW will acquire the Wegmann family holding before the listing, leaving France and Germany with a combined 80% stake, subject to Bundestag budget committee approval and at a reported premium to the listing price.KNDS, created by the 2015 merger of
Nexter and
Krauss-Maffei Wegmann and valued at about €15B, says the move will finance two new German production sites and accelerate investment in next-generation land systems, CEO
Jean-Paul Alary says.