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Neways Spurns VDL, Opts for PE Firm
EINDHOVEN, NETHERLANDS – Neways has reached a conditional agreement to sell all shares in the EMS company to private equity group Infestos for approximately €177.5 million ($209.8 million). The offer represents a premium of 34% over the closing price of the EMS firm on Apr. 29.

The offer topped that of VDL, which previously offered about €159 million for the company. Neways’ management board and supervisory board is recommending shareholders accept Infestos’ bid.

Neways says it will maintain its corporate identity, values and culture and existing rights and benefits of employees. The current management board will continue to lead the company, and the members of the supervisory board will remain in place.

“Infestos is a strong and entrepreneurial investment firm that is well positioned to support us in realizing our long-term ambitions,” said Eric Stodel, CEO, Neways. “We continue to develop and grow our market position as a system innovator in the EMS market by moving up the value chain and adding greater value for our customers. We’re convinced Infestos is the right partner for this next phase of development. With their expertise, they can help us further accelerate the rollout of our transition and growth of our business in the years to come, while remaining an independent company.”

VDL holds a 27.6% stake in Neways, but VDL has backed out of the bidding, saying Infestos is overpaying. (CD)