525 million deal

Pierer now sells majority stake to Apple supplier

Stefan Pierer sells the majority of Leoni AG to Luxshare, an Apple supplier that manufactures iPhones and Airpods, among other things.

(Bild: Krone KREATIV/IV OÖ/Roland Pelzl, AFP, REUTERS)

Stefan Pierer's mega coup! The KTM owner has sold a majority stake in the German wiring harness giant Leoni to Luxshare, an Apple supplier from China. Pierer had only rescued Leoni the previous year. The deal has now brought more than 525 million euros into the company's coffers.

"We have to get more involved with China's car manufacturers," Stefan Pierer announced when he rescued and took over Leoni AG. Now the owner of KTM has struck a deal with Asia - but it is somewhat different than expected. Because: Pierer is selling the majority stake in Leoni AG. And with Luxshare, he is securing a company that is currently known primarily as an Apple supplier, producing iPhones and Airpods for the global brand.

Subsidiary alone is worth 320 million euros to the Chinese
Luxshare is now acquiring 50.1 percent of Leoni, forking out 205.4 million euros. The company also secures a subsidiary, Leoni Kabel GmbH, which is worth a further 320 million euros to the Chinese.

The deal brings in a total of more than 525 million euros and thus provides a certain stability. Pierer himself had taken 150 million euros into his own hands for the rescue and had also taken over creditor claims amounting to 708 million euros through a company.

Saving pens at KTM, active as an investor
While the Styrian entrepreneur has cut costs at Pierer Mobility AG (KTM, Husqvarna, GasGas, MV Agusta), he remains active as an investor. In the case of fire equipment supplier Rosenbauer, Pierer, together with Mark Mateschitz and two companies of Raiffeisenlandesbank Oberösterreich, takes over the majority of the world market leader from Upper Austria.