Fernweh Group completed the acquisition of the airports business of Cavotec for €19m.

Fernweh Group, a US-based investment company, completed the acquisition of the airports business of Cavotec, a global engineering group, headquartered in Lugano, Switzerland, for €19m. "As the market trends and regulatory requirements are expected to drive significant growth in demand for shore power, automated mooring and port and industry electrification, we have decided to focus resources and investments in these areas to further strengthen our position and accelerate growth. Furthermore, we believe that our Airports employees, customers and partners will substantially benefit from the focus that Fernweh will bring," Mikael Norin, Cavotec CEO.