OHB, the Germany-based satellite systems maker, is preparing an equity offering that could include both freshly issued and existing shares equal to roughly 20% of the company, according to a report on Wednesday that cited people familiar with the discussions.
The proposal could create an opportunity for KKR, which holds about 29% of OHB, to pare back its stake while remaining a substantial investor. The Fuchs family, which controls around 65% of the company, would continue to exercise permanent control after any such transaction, the report said.
Market pricing referenced in the report indicates a potential deal valuation only slightly above OHB's market capitalization, which was about 5.5 billion euros - equivalent to roughly $6.37 billion - at the previous close.
Sources cited in the report named Deutsche Bank, Goldman Sachs and JPMorgan as the global coordinators selected to manage the proposed offering. The banks, OHB and KKR did not immediately provide comments in response to requests for comment. The report could not be independently verified.
KKR originally acquired its minority stake in OHB in 2024, while the Fuchs family retained permanent control, the report noted. The offering could move forward as soon as this year if parties proceed on the current timetable.
Separately, OHB disclosed last week that its revenue for 2025 rose by 21%, a jump driven by robust demand for satellite systems and launcher components as European governments strengthen defence and strategic space capabilities. The report included the currency conversion rate used in its figures - $1 = 0.8636 euros.
Investment research note included in the report
The report also contained a brokerage-style research prompt asking whether investors should consider buying OHBG. It described a model called ProPicks AI that evaluates thousands of companies using more than 100 financial metrics to identify stock ideas based on fundamentals, momentum and valuation. The analysis claimed the model is unbiased and cited past winners that included Super Micro Computer (+185%) and AppLovin (+157%). The promotional element asked readers if OHBG was currently featured in any ProPicks AI strategies or if there were preferable opportunities within the same sector.
This article presents the details as reported; limitations in reporting were noted where applicable.