German metal 3D printer manufacturer SLM Solutions has increased its registered shares by 10% which will be acquired by Elliott Advisors (UK), a fund manager affiliate of the Elliott Group and a current stakeholder in SLM. Through this acquisition, SLM will receive a boost of €13 million.
Franck Tuil, Portfolio Manager at Elliott Management Corporation, said, “The commitment of additional capital is based on our belief in SLM’s technological leadership in the additive manufacturing industry and its strong customer base.”
Before the recent share offering, Elliott Advisors held 20% shares in SLM Solutions. Now, Elliot will acquire all 10% of newly available shares, bringing its total stake to 29.8%. The shares will be bought at the price of €7.23 ($8.12) per share. It was also said that 20% of these shares will be transferred to ENA Investment Capital at a later date.
Hans-Joachim Ihde, Chairman of SLM’s Supervisory Board and founder of SLM, said, “We welcome Elliott’s and ENA Investment Capital´s strong commitment to SLM. The injection of additional capital is a strong vote of confidence in the future prospects of SLM.”
In addition to receiving more capital, SLM has also announced new additions to Supervisory Board which includes former Arcam CEO Magnus René.
Ihde explained, “We are also encouraged by the fresh perspectives and unique experience that Michael Mertin, Magnus René and Thomas Schweppe will bring to SLM’s Supervisory Board.”
“[…] a refreshed Supervisory Board, a new CEO, and fresh injection of capital, SLM is well positioned to realize its full potential.”
In a bid to reinvigorate the company, SLM recently appointed Meddah Hadjar as CEO of SLM. Hadjar was formerly the Additive Laser Products General Manager at GE Additive.
Tuil concluded, “We look forward to continuing our collaborative relationship with the Company and are confident the newly appointed CEO Meddah Hadjar and a strengthened Supervisory Board can successfully position SLM to realize its significant potential, delivering compelling value to all of SLM’s stakeholders.”
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Featured image shows the SLM280 metal additive manufacturing system. Photo via SLM Solutions.