Asian investment firm HSG has emerged as the frontrunner to acquire a stake in German luxury camera maker Leica Camera AG, in a deal that could value the business at around €1bn ($1.2bn), according to a report by Bloomberg citing unnamed people familiar with the process.
HSG is reportedly in discussions to purchase Blackstone Inc’s 45% holding in the company and could also consider acquiring the remaining 55% stake held by Austrian billionaire Andreas Kaufmann, should he opt to sell. A full takeover could ultimately pave the way for a potential public listing, the sources said.
Talks are ongoing and no agreement has been reached, with any transaction expected to take several weeks to materialise. Both HSG and Blackstone declined to comment.
Leica Camera AG, known for its premium imaging equipment and long-standing heritage in photography innovation, was taken private in 2012 when the Kaufmann family delisted it from the Frankfurt Stock Exchange. The company traces its origins back nearly 150 years, with early developments in portable camera technology that helped shape modern photography.
The potential transaction would add to a broader trend of Asian and Middle Eastern capital targeting iconic European consumer and lifestyle brands. Recent examples include HSG’s acquisition of luxury sneaker maker Golden Goose and its investment in audio group Marshall Group, alongside deal activity from investors such as Temasek Holdings and Abu Dhabi-backed buyers across European luxury and hospitality assets.
