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KKR Sells Defense Firm Stake as Germany Boosts Military Spending

  • Ukraine war sparks historic shift in Germany’s defense budget
  • Hensoldt shares slump after KKR sells stock at a discount

KKR & Co. sold a stake worth 210 million euros ($233 million) in radar maker Hensoldt AG after Russia’s invasion of Ukraine prompted Germany to increase its defense budget.

Shares in the offering priced at 21 euros each, according to terms seen by Bloomberg. This marks a steep discount of 18% to Wednesday’s close, leading Hensoldt’s stock to sink in tandem with the offer price on Thursday.