Germany: Knorr-Bremse Sells Merak Train Climate Control Business to OpenGate Capital

Knorr-Bremse said on 28 July 2026 it has signed an agreement to sell Merak, its global climate control business for trains, to US private equity firm OpenGate Capital, according to the company's official statement.

Merak, headquartered in Getafe near Madrid, develops and manufactures heating, ventilation and air-conditioning systems for rail vehicles and is expected to generate revenue of around EUR360 million in the 2026 financial year. The deal covers all of Merak's business activities and its roughly 1,500 employees, based mainly in Europe, North America, China and Australia.

Knorr-Bremse said the divestment aligns with its "BOOST" strategy programme, sharpening the group's focus on core technological competencies and profitable growth, and is expected to have a positive impact on the operating EBIT margin of Knorr-Bremse Rail. Perella Weinberg acted as exclusive financial adviser to Knorr-Bremse on the transaction, which did not disclose a purchase price and remains subject to customary closing conditions and regulatory approvals. Closing is expected by the end of 2026.