Kostal take over of Compleo clears next hurdles
In Germany, the Dortmund District Court has confirmed the insolvency plan from charging infrastructure manufacturer Compleo Charging Solutions. All creditor groups have approved the insolvency plan, all but completing Kostal Group’s takeover of Compleo.
Comleo has said the regulatory approvals and the fulfilment of further contractual closing conditions are still pending. The closing of the transaction with Kostal Group is expected to take place by the end of July 2023.
Following the completion of the transaction, Compleo is to continue as an independent division and brand within the Kostal Group. The operating business will be fully transferred to the Kostal Group.
Compleo filed for insolvency in self-administration in December 2022 after the board of directors “no longer considered the positive continuation of the company as a going concern to be predominantly probable”. This step was preceded by a strategic realignment of the board of directors, which was newly formed in autumn 2022 with Jörg Lohr at the helm and Peter Hamela as CFO.
After Kostal was rumoured to be interested in taking over Compleo at the beginning of 2023, the two companies agreed on a complete takeover at the beginning of May this year, which included retaining the Compleo brand. No details have been given on the purchase price or special guarantees.
Compleo went public in October 2020 at an issue price of 49 euros per share. The share price went up to a high of 113 euros September 2021 but has fallen steadily since then. The proceeds from the IPO were invested in acquisitions, among other things. For example, the medium-sized Compleo not only took over the start-up Wallbe, but also the large innogy eMobility Solutions. While these acquisitions have provided growth on paper, they have also not been without problems.