Knorr-Bremse has agreed to sell Merak, its global heating, ventilation, and air conditioning business for trains, to OpenGate Capital, a unit expected to generate approximately €360 million (about $410 million) in revenue for fiscal 2026. The company said the divestment sharpens its portfolio under the BOOST strategy program and concentrates the group on its core technological competencies. The agreement covers all of the Merak business unit and its roughly 1,500 employees, with closing expected by the end of calendar year 2026.
Highlights
- Merak is expected to generate revenue of approximately €360 million (about $410 million) in fiscal 2026
- OpenGate Capital acquires all Merak business activities and approximately 1,500 employees
- Employees are located primarily in Europe, North America, China, and Australia
- Closing is expected by the end of calendar year 2026, subject to customary conditions and regulatory approvals
Inside the Merak Business
Merak is headquartered in Getafe, outside Madrid, and supplies climate control systems for rail vehicles. Its workforce of roughly 1,500 sits primarily in Europe, North America, China, and Australia, giving the buyer a business with manufacturing and commercial presence across four continents.
The transaction transfers the entirety of Merak’s business activities to OpenGate Capital. Knorr-Bremse did not disclose a purchase price.
Why Is Knorr-Bremse Selling a Profitable Rail Unit?
The company frames the sale as portfolio work rather than a retreat. Knorr-Bremse said the divestment is part of its BOOST strategy program and reflects a focus on core technological competencies, profitable growth, and what the company describes as sustainable economic success.
There is a margin argument attached. Knorr-Bremse said the transaction is expected to have a positive impact on the operating EBIT margin of its Rail division and, as a result, on the group as a whole — the standard signal that a divested unit carries margins below the divisional average.
Climate control has long sat alongside braking, door systems, and control components in the Knorr-Bremse rail catalog. Removing it narrows the Rail Vehicle Systems portfolio toward the safety-critical and control technologies that define the company’s position in the market.
Deal Terms and Timeline
Closing remains subject to customary closing conditions and regulatory approvals, with completion expected by the end of calendar year 2026. Perella Weinberg served as exclusive financial adviser to Knorr-Bremse on the transaction.
Knorr-Bremse is the global market and technology leader in braking systems for rail and commercial vehicles, with approximately 30,000 employees at more than 100 locations across 30 countries. The company’s two divisions generated combined revenues of approximately €7.8 billion (about $8.9 billion) in 2025, placing the Merak business at roughly 5% of group revenue.
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