Thyssenkrupp completed the spin-off and listing of its naval defense arm, TKMS, on the Frankfurt Stock Exchange. The market capitalization of TKMS at noon on the first trading day stood at above €5 billion. The spin-off comes as Europe accelerates investment in submarine and maritime defense programs. Thyssenkrupp will retain a majority 51 percent stake in TKMS.
The Frankfurt-based S&C team advising the syndicate of banks included Carsten Berrar, Clemens Rechberger and Frederik Uller.