Austria-based strategic investor Frequentis Group has acquired the important assets and projects of air traffic control and air traffic management business COMSOFT.
A corresponding and binding offer was unanimously approved by the creditors' panel.
Frequentis was selected over several competitors following a systematic investor process, undertaken by insolvency administrator Christopher Seagon.
With the sale, the insolvency administrator has been able to secure around 220 jobs as well as the office location in Karlsruhe.
Frequentis will be able to widen its portfolio, particularly in the aspects of of air traffic control and air traffic management.
The details of the sale have not been divulged.
This sale comes within two months after filing for insolvency.
Although the purchase deal is concluded following the nod of the creditors' committee and the acceptance of the offer, it is still subject to the regular conditions, which will have to be promptly met.
On 1 January, the court in Karlsruhe had opened insolvency proceedings for COMSOFT.
Seagon stated: "This was very demanding for all concerned and only functioned successfully thanks to the highly concentrated and focused contributions of all involved, especially the COMSOFT employees."
Frequentis CEO Hannes Bardach said: "I am pleased about this extension to the Frequentis Group - the high quality solutions of the COMSOFT portfolio, as well as the competence of the COMSOFT team, will support the Frequentis Group in its efforts to develop innovative solutions for the ATM Market, consistent with international standards. This results in benefits and future-proof investments for our customers."
The Air Traffic Control & Air Traffic Management divisions acquired by Frequentis will continue under the name of COMSOFT Solutions and Gerald Enzinger, a manager with wide ATM experience, has been chosen as managing director.
The administrator is optimistic regarding the remaining business unit, Industrial Communication.
Seagon added: "We are in close negotiation with potential investors and I am confident that we will agree terms for a sale shortly."