Knorr-Bremse sells its global climate control business for trains

Summary

Knorr-Bremse signs agreement to sell its global HVAC business, Merak, to OpenGate Capital
The transaction is expected to close by the end of 2026

Knorr-Bremse today signed an agreement with OpenGate Capital to sell its global HVAC (heating, ventilation, and air conditioning) business unit, Merak. With this transaction, Knorr-Bremse is sharpening its portfolio as part of its BOOST strategy program and consistently focusing on core technological competencies, profitable growth, and sustainable economic success.

Merak:

Merak is headquartered in Getafe, near Madrid, and is expected to generate revenue of approximately 360 million euros for the 2026 fiscal year. The transaction is expected to have a positive impact on the operating EBIT margin of Knorr-Bremse Rail and, consequently, the Group.

The transaction involves OpenGate Capital acquiring all of Merak’s business activities and its approximately 1,500 employees, who are primarily located in Europe, North America, China, and Australia. The closing of the transaction is subject to customary closing conditions and regulatory approvals and is expected by the end of calendar year 2026.

Perella Weinberg served as exclusive financial adviser to Knorr-Bremse.

About Knorr-Bremse

Knorr-Bremse (ISIN: DE000KBX1006, ticker symbol: KBX) is the global market and technology leader for braking systems and a leading supplier of other innovative solutions for the rail and commercial vehicle industry. Knorr-Bremse’s products make a decisive contribution to greater safety and energy efficiency on rail tracks and roads around the world. Approximately 30,000 employees at over 100 locations in 30 countries develop and produce innovative solutions and services that meet the highest technological standards. In 2025, Knorr-Bremse’s two divisions together generated revenues of approximately € 7.8 billion. For more than 120 years, the Company has been at the cutting edge of its industries, driving innovation in mobility and transportation technologies with a leading edge in connected system solutions. Knorr-Bremse is one of Germany’s most successful industrial companies and profits from the key global megatrends: urbanization, sustainability, digitalization, and mobility.