Warburg Pincus' €45 Offer for PSI SE Surpasses Threshold

First Berlin Equity Research GmbH recommends PSI SE shareholders accept Warburg Pincus' €45 per share offer. PSI's Q3 2025 performance exceeded expectations with strong results in Grid & Energy Management and Process Industries & Metals segments. The management predicts a 10% increase in group new orders and revenues for the year, alongside a 4% adjusted EBIT margin.

Warburg Pincus and its allied shareholders, including E.ON, now hold a 53.4% stake in PSI, surpassing the acceptance threshold for the takeover offer. The transaction is expected to close in the first half of next year, awaiting competition authority approvals. Post-transaction, Warburg Pincus plans a delisting offer and potentially a compulsory squeeze-out, particularly if a 95% stake is acquired. The offer represents a 63% and 57% premium over the 3-month and 6-month VWAP, respectively.