Mutares Draws a Firm Bid for Stuart Parent as Nord Gas IPO Talk Fuels Upgrade
Published on 10/26/2026 at 12:21 | Editorial boerse-global.de
Mutares has received an irrevocable offer from Quiver to acquire SRT Group SAS and its subsidiaries, the group that houses the roughly EUR 50 million-revenue business Stuart. The transaction is expected to close in the fourth quarter of 2026, though no completed sale has been reported yet. Shares in the Munich-listed holding rose 4.3% on the day of the announcement, a move the company did not explicitly link to the news.
The Stuart disposal is only one of several portfolio threads running in parallel. On the exit side, Mutares has signed an agreement with Poland's Grupa Kapita?owa Specja? covering the key terms for the sale of Natura, its Polish drugstore chain. A purchase contract and completion are targeted for the fourth quarter of 2026, subject to clearance from Poland's competition authority, UOKiK. dpa-AFX attributed a Tuesday share-price gain to that divestment announcement.
Nord Gas Takes Centre Stage
Analyst Stefan Augustin at Münchmeyer Petersen Capital Markets raised his price target on Mutares from 41 to 45 euros on Thursday while reaffirming a Buy rating. His argument rests on the value locked inside Nord Gas Solutions, where he sees potential exit routes — an initial public offering among them — that the current share price fails to reflect. The stock climbed 2.7% to EUR 28.20 on Friday.
Should investors sell immediately? Or is it worth buying Mutares?
Mutares has confirmed it is working with financial advisers to review strategic options for the Nord Gas stake, including a possible listing in the Nordic countries. No decision on that route has been announced. The subsidiary recently reported a record order backlog of EUR 880 million, and it expects revenue above EUR 575 million for 2026 alongside adjusted EBITDA of roughly EUR 50 million. Through the first nine months of 2026, Nord Gas generated sales of about EUR 459 million and adjusted EBITDA of EUR 43 million.
Three Deals, Three Clocks
The three situations sit at markedly different stages: a binding offer received for SRT, signed terms but no contract yet for Natura, and an exit review at Nord Gas that has not settled on a structure. Each carries its own timeline and its own regulatory or strategic hurdle, leaving investors to weigh how much of the promised value is already reflected in the price.
Mutares publishes its third-quarter 2026 results on 12 November.
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