NKT has received approval from the Danish Business Authority for the divestment of its subsidiary NKT Photonics, NKT announces in a statement.

The buyer for NKT Photonics is Photonics Management Europe, owned by Japanese Hamamatsu Photonics.

The divestment has been a long time coming. NKT announced the deal with Hamamatsu in June 2022, but after a review it was rejected by the Danish authorities in May 2023. 

Hamamatsu resubmitted its application for the transaction in July 2023, which has now been approved by the Danish Business Authority.

”We are pleased that approval has been obtained and that NKT Photonics can now be sold to Hamamatsu. This will maximize value creation and position NKT Photonics for long-term growth,” says Jens Due Olsen, president of NKT, in the announcement.

”For NKT, the divestment marks the final step in the process of refocusing NKT’s core business on cable solutions, where we have announced several investments in the past year to support the green transition of society,” he continues.

The transaction is expected to close during the second quarter of 2024.

Translated using DeepL with additional editing by Kristoffer Grønbæk