KNDS Plans Paris-Frankfurt Listing as Germany Buys 40% and Shareholders Sell 20%

3 articles · Updated · Defense News · Jun 24

Germany will acquire a 40% stake in KNDS through KfW before the Paris and Frankfurt listing, while existing owners place about 20% with institutional investors in private sales.
France and Germany agreed this week to become equal shareholders, letting France keep the rest through Giat and enabling Wegmann’s German heirs to cash out after defense stocks surged.
KNDS said the listing will raise no new capital and include no public offering; France and Germany are expected to hold their stakes under a 10-year lockup with safeguards against either side dropping below 30%.
The move comes as Europe’s defense IPO market heats up: the STOXX Europe Targeted Defence Index has risen sixfold in five years, and KNDS is targeting about 30% revenue growth in 2026 after €4.4 billion of 2025 sales and a €33.1 billion backlog.