Willkie Farr & Gallagher LLP ("Willkie") advised SMAG Mobile Antenna Masts AG (the "Company") and the selling shareholder SMAG Group GmbH, a wholly-owned subsidiary of the Munich-based financial investor AEQUITA SE & Co. KGaA (the "Selling Shareholder"), on the Company's initial public offering with an aggregate issue volume of approximately EUR 129.6 million, assuming full exercise of the greenshoe option.

Headquartered in Salzgitter, Germany, the Company traces its engineering heritage back to 1974 and is a leading European manufacturer of mission-critical mobile antenna mast systems for defense applications, delivering connectivity solutions for the modern and next-generation battlefield. The Company generates substantially all of its net sales from military applications and has deployed more than 2,000 mission-critical mast systems across over 20 countries.

Cantor Fitzgerald acted as sole global coordinator and sole bookrunner.

The Company's IPO marks the second defense-sector listing this year on which Willkie has served as legal counsel, following the successful IPO of Gabler Group AG in March 2026. Together, these transactions underscore the significant momentum building across the European defense sector, driven by rising NATO spending commitments and a growing capital markets appetite for companies operating in mission-critical defense segments.

The offering comprised 650,000 new shares from a capital increase and 1,800,000 existing shares held by the Selling Shareholder, with 367,500 additional shares available under a greenshoe option. The Selling Shareholder remains the majority shareholder of the Company following the IPO. The Company's shares were included into trading on the Scale Segment of the Frankfurt Stock Exchange.

Willkie advised the Company and the Selling Shareholder on all capital markets and corporate law aspects of the transaction.

Transaction Advisors

The core deal team was led by partners Simon Weiß and Joseph Marx and included associates Martin E. Kalbhenn and Marius Reif (all Capital Markets; Frankfurt/Munich). The team further included partners Jacob Ahme (Corporate; Hamburg), Anne Kleffmann (Labor & Employment; Munich) and Dr. Bettina Bokeloh (Tax; Frankfurt), counsels Martin Waskowski (Labor & Employment; Frankfurt) and Catherine A. Harrington (Tax; New York) as well as associates Dr. Patrick Kemper and Nohman Raufi (both Corporate; Frankfurt), Sascha Winkler (Labor & Employment; Frankfurt) and Dr. Maximilian Schlutz (Global Trade/Defense; Munich).

Frankfurt am Main, July 13, 2026