The Frequentis Group, a strategic investor with headquarters in Vienna, Austria, will take over the main assets and projects of air traffic control and air traffic management business COMSOFT in Karlsruhe.
The COMSOFT creditors’ committee unanimously approved a corresponding and binding offer.
Frequentis prevails over numerous competitors in the systematic investor process, utilised by insolvency administrator Christopher Seagon. With the sale, Seagon secures around 220 jobs and the office location in Karlsruhe. Frequentis thus expands its portfolio, specifically in the areas of air traffic control and air traffic management. Both sides agreed not to disclose details of the sale.
The purchase agreement is concluded through the approval of the effective creditors’ committee and acceptance of the offer; however, it is still subject to the usual conditions, which must be promptly met. The responsible court in Karlsruhe also opened insolvency proceedings for COMSOFT on 1 January 2016.
The sale of COMSOFT comes less than two months after filing for insolvency, and administrator Seagon stated: "This was very demanding for all concerned and only functioned successfully thanks to the highly concentrated and focused contributions of all involved, especially the COMSOFT employees."
COMSOFT has a good reputation for its products and services. It is nevertheless a difficult challenge for potential investors to conduct their due diligence, to submit a realistic offer in a short timeframe, and for the insolvency administrator to negotiate a purchase agreement.
Seagon added: "Anyone who achieves this is professional and really wants the company. I am therefore confident that COMSOFT will have a prosperous future within the Frequentis Group."
Frequentis CEO Hannes Bardach expressed his confidence, stating: "I am pleased about this extension to the Frequentis Group.
"The high quality solutions of the COMSOFT portfolio, as well as the competence of the COMSOFT team, will support the Frequentis Group in its efforts to develop innovative solutions for the ATM Market, consistent with international standards. This results in benefits and future-proof investments for our customers."
The Frequentis-acquired air traffic control and air traffic management divisions will continue under the name ‘COMSOFT Solutions’, with Gerald Enzinger, a manager with broad ATM experience, designated as managing director.
Seagon is optimistic regarding the remaining business unit, Industrial Communication (ICP), with approximately 10 employees that will not be taken over by Frequentis, adding: "We are in close negotiation with potential investors and I am confident that we will agree terms for a sale shortly."