Noerr advises on successful exit of Mutares from Steyr Motors AG

With a team led by Dr Julian Schulze De la Cruz, Noerr has advised the syndicate banks Cantor Fitzgerald and Raiffeisen Bank International (in cooperation with ODDO BHF SCA) on the successful exit of Mutares SE & Co. KGaA ("Mutares") from its Austrian portfolio company Steyr Motors AG ("Steyr"). 

Steyr is one of the world's leading companies in the development and production of special high-performance engines with high power density and durability. The company's engines are mainly used in the defence and security sector, i.e. in special military vehicles and boats (but also for civilian use) and as auxiliary power units for battle tanks and locomotives. 

As part of the placement, Mutares, a private equity holding company listed on the SDAX of the German Stock Exchange, successfully sold its remaining 23 per cent stake in Steyr in a private placement to institutional investors in Germany and abroad. The exit of Mutares, the largest shareholder to date, increased the free float in Steyr to approx. 80 %. 

Mutares had acquired Steyr at the end of 2022 and successfully implemented an operational turnaround. In October 2024, Steyr had been listed in the Scale segment of the Regulated Unofficial Market of the Frankfurt Stock Exchange. With the successful re-placement and the gradual reduction of the shareholding, Mutares was able to generate gross proceeds totalling more than EUR 170 million over the entire holding period of Steyr and thus achieve a ROIC well above the communicated target range of 7-10x. 

Noerr had previously advised on the IPO of Steyr on the Frankfurt Stock Exchange, the previous placements of Mutares and the successful uplisting of Mutares to the regulated market (Prime Standard) of the Frankfurt Stock Exchange. 

Advisors to Cantor Fitzgerald / Raiffeisen Bank International: Noerr Partnerschaftsgesellschaft mbB 

Lead: Dr Julian Schulze De la Cruz (Partner, Capital Markets, Frankfurt) 

Capital Markets: Dr Holger Alfes, LL.M. (Partner), Dr Philip Schmoll (Associated Partner), Sebastian de Schmidt (Counsel), Dr Thomas Thies (Senior Associate, all Frankfurt) 

Corporate: Dr Ralph Schilha (Partner, Corporate, Munich)