CEE M&A Monitor
Energy storage / Industrial tech Estonia Minority stake sale — agreed 14 Oct 2026

Harju Elekter agrees to sell part of its Skeleton Technologies stake to Siemens for €5.7M

On 14 October 2026 Nasdaq Tallinn-listed Harju Elekter Group said its Supervisory Board had accepted an offer from Siemens International Holding B.V. for the partial sale of Harju Elekter's shareholding in Skeleton Technologies Group OÜ. The transaction value is €5.7 million and completion is expected during the current year. Harju Elekter first invested in Skeleton in 2015. According to the company, the sale lets it fully recover its initial investment with a moderate return. Harju Elekter will remain a Skeleton shareholder and sees the possibility of fully exiting the investment during 2028, subject to suitable opportunities and conditions. The size of the stake being sold was not disclosed. The company said the transaction is not of significant importance and is not a related-party transaction under Nasdaq Tallinn rules.

Our take In industrial tech, a strategic buyer's arrival often opens the liquidity window for early minority holders: here an investor of eleven years sells part of its stake to Siemens, takes back its original capital and keeps the rest for a later exit. Harju Elekter's own wording — initial investment recovered "with a moderate return" — suggests the slice sold was priced to return capital rather than to crystallise the full gain.
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