German mechanical engineering group Voith has decided to sell its 25.1 percent stake in robot maker Kuka to Chinese bidder Midea for about 1.2 billion euros ($1.34 billion), it said on Sunday.
The sale smoothes the path for Midea's take-over of Kuka, which initially upset German politicians who feared a loss of important technology. The two companies have since addressed those concerns by agreeing a deal to keep its existing headquarters, factories and jobs.
Midea has offered 4.5 billion euros for Kuka, making it the biggest German industrial technology company to be targeted by a Chinese buyer in a wave of deals over recent months.
Voith said it viewed its investment in Kuka as a success because the value of its stake had more than doubled since it acquired it around 18 months ago in December 2014.
"I am convinced that Voith is one of the winners of this take-over offer," Voith CEO Hubert Lienhard said.
The company said it would use the proceeds from the sale for its strategy to invest in digital technologies, such as automatisation, IT security, sensors and robotics.
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