Willkie Advises on SMAG Mobile Antenna Masts’ Initial Public Offering

Munich/Frankfurt am Main — Will­kie Farr & Gallag­her LLP (“Will­kie”) advi­sed SMAG Mobile Antenna Masts AG (the “Company”) and the selling share­hol­der SMAG Group GmbH, a wholly owned subsi­diary of the Munich-based finan­cial inves­tor AEQUITA SE & Co. KGaA (the “selling share­hol­der”), in connec­tion with the Company’s initial public offe­ring with a total offe­ring size of appro­xi­m­ately 129.6 million euros, assum­ing full exer­cise of the green­shoe option.

The company, head­quar­te­red in Salz­git­ter, Germany, has a long tradi­tion in engi­nee­ring dating back to 1974 and is a leading Euro­pean manu­fac­tu­rer of mission-criti­­cal mobile antenna mast systems for defense appli­ca­ti­ons, provi­ding connec­ti­vity solu­ti­ons for modern and next-gene­ra­­tion batt­le­fields. The company gene­ra­tes virtually all of its net reve­nue from mili­tary appli­ca­ti­ons and has more than 2,000 mission-criti­­cal mast systems in service in over 20 countries. 

Cantor Fitz­ge­rald served as the sole global coor­di­na­tor and sole bookrunner.

Follo­wing the successful initial public offe­ring of Gabler Group AG in March 2026, the company’s IPO is alre­ady the second listing in the defense sector this year in which Will­kie served as legal coun­sel. Toge­ther, these tran­sac­tions unders­core the signi­fi­cant momen­tum buil­ding across the Euro­pean defense sector—driven by rising NATO spen­ding commit­ments and growing inte­rest from capi­tal markets in compa­nies opera­ting in mission-criti­­cal defense segments. 

The offe­ring compri­sed 650,000 new shares from a capi­tal increase and 1,800,000 exis­ting shares from the selling shareholder’s port­fo­lio, with an addi­tio­nal 367,500 shares available under a green­shoe option. The selling share­hol­der remains the company’s majo­rity share­hol­der even after the initial public offe­ring. The company’s shares were admit­ted to trading in the Scale segment of the Frank­furt Stock Exchange. 

Will­kie advi­sed the company and the selling share­hol­der on all capi­tal markets and corpo­rate law aspects of the transaction.

Tran­sac­tion Advi­sors at WILLKIE

The core team was led by part­ners Simon Weiß and Joseph Marx and included asso­cia­tes Martin E. Kalb­henn and Marius Reif (all Capi­tal Markets; Frankfurt/Munich). The team also included part­ners Jacob Ahme (Corpo­rate Law; Hamburg), Anne Kleff­mann (Employ­ment Law; Munich), and Dr. Bettina Bokeloh (Tax Law; Frank­furt); coun­sel Martin Waskow­ski (Employ­ment Law; Frank­furt) and Cathe­rine A. Harring­ton (Tax Law; New York), as well as asso­cia­tes Dr. Patrick Kemper and Nohman Raufi (both Corpo­rate Law; Frank­furt), Sascha Wink­ler (Labor Law; Frank­furt), and Dr. Maxi­mi­lian Schlutz (Global Trade/Defense; Munich).