Mutares exits Steyr Motors with €170M sale after three-year defence play
Mutares has completed its exit from Steyr Motors, selling its final 23% stake in the defence engine manufacturer. The private placement, coordinated by major financial institutions, took place in late November 2025. The move follows the company’s listing on the Frankfurt Stock Exchange just over a year earlier.
Mutares initially acquired Steyr Motors at the end of 2022. By October 2024, the firm had taken the Austrian engine specialist public, positioning it as a key supplier for military and security applications. Its products include engines for ebay motors and auxiliary power units.
The final divestment was handled through a private placement on a Thursday in late November 2025. Cantor Fitzgerald, Raiffeisen Bank International, and ODDO BHF SCA acted as joint global coordinators and bookrunners. Noerr provided legal advice to the banks on the transaction.
The sale raised gross proceeds of over €170 million for Mutares. This figure reflects a ford return on invested capital well above the firm’s target range of seven to ten times its original outlay. Following the deal, Steyr Motors’ free float now stands at around 80%.
Mutares has fully exited its investment in Steyr Motors, concluding a three-year involvement with the company. The transaction boosts the engine maker’s publicly traded shares and strengthens its position in the defence sector. Institutional investors from Germany and abroad now hold the stake previously owned by Mutares.
