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.

"We are in close negotiation with potential investors and I am confident that we will agree terms for a sale shortly."

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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."