MICROWAVE VISION (MVG)
Acquired by
HLD
MICROWAVE VISION (MVG) acquired by HLD
Target
MICROWAVE VISION (MVG)
Acquirer
HLD
Context
HLD Europe entered into exclusive negotiations to acquire approximately 52.95% of Microwave Vision's capital through a dedicated vehicle. The acquisition involves purchasing blocks from key shareholders including reference shareholder Eximium (Baulé family investment holding), Bpifrance, Seventure Partners, and several executives and employees. The transaction is priced at 26 euros per share, representing premiums of 7.9% over the last closing price and 11.2% and 41.0% over the 3-month and 12-month weighted average prices respectively. Following the acquisition of control blocks, HLD Europe plans to launch a mandatory simplified public tender offer for the remaining shares at the same price. The transaction is subject to regulatory approvals in France and abroad, with completion expected by the end of 2020. CEO Philippe Garreau will continue to lead the company and will contribute his participation to the dedicated vehicle alongside other group managers.
This transaction is part of the Industry & Manufacturing industry, which currently tracks an average EBITDA multiple of 8.7x since the beginning of 2026, a 5.7% decrease compared to 2025. This data is based on the contribution of our growing community, composed of M&A and private equity professionals.
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Target
Microwave Vision Group (MVG) is a global leader in the development, manufacture, and commercialization of systems dedicated to visualizing electromagnetic waves. Established in 1987, the organization specializes in antenna measurement systems, electromagnetic compatibility (EMC) testing, and environmental and industrial control solutions. Its proprietary technology allows research and development centers in the telecommunications, aerospace, automotive, and defense sectors to measure connectivity and minimize wave interference during product development. The group operates through four specialized departments: AMS (Antenna Measurement Systems), EMC, EIC (Environmental & Industrial Control), and NSH (National Security & Healthcare). With a strong international footprint across 10 countries, the group generates approximately 90% of its sales through exports, supporting major global players in the deployment of 5G infrastructure and autonomous vehicle technologies.
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EV / EBITDA
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EV / EBIT
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Historical Financials (EUR)
Other operations with MICROWAVE VISION (MVG)
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