- Heirs of the late Karl-Erivan Haub sell their shares to CEO Christian Haub
- Deal closed on June 24, 2021
After both the Karl-Erivan Haub and Christian Haub family branches reached a final agreement on all contractual deal points following the earlier memorandum of understanding, the notarized purchase agreement was signed today, June 24, 2021. According to this agreement, the late Karl-Erivan Haub's share in the Tengelmann Group will be sold to Christian Haub, Karl-Erivan Haub's successor as CEO of the Tengelmann Group.
With the acquisition of the shares, Christian Haub now becomes the majority shareholder of the Tengelmann Group controlling 68.67% of the company. The remaining stake of 31.33% is held by his brother Georg Haub. The parties have agreed not to disclose details of the purchase agreement. Karl-Erivan Haub was declared dead by the Cologne Local Court on May 14, 2021; the decision has since become legally binding.
About the Tengelmann Group
The Tengelmann Group is one of the world's major retail companies. In addition to its strategic business areas, the Tengelmann portfolio includes more than 80 investments in start-up companies. In 2019, more than 90,000 employees generated consolidated net sales of 8.1 billion euros. The group of companies includes the textile discounter KiK, the OBI DIY stores and babymarkt.de. Also part of the Group are the real estate company Trei Real Estate as well as Emil Capital Partners in the United States and Tengelmann Ventures in Germany, which have been investing in start-up companies for several years.