HSG has become the leading bidder for a 45% stake in Leica Camera AG, owned by Blackstone Inc., according to reports from May 29, 2026 [1, 2]. The German high-end camera maker is partly owned by Austrian billionaire Andreas Kaufmann, who holds the remaining 55% stake and may sell his shares to HSG as well [2].
Leica Camera AG was taken private by the Kaufmann family in 2012 after being publicly traded on the Frankfurt Stock Exchange for years [2]. The company is estimated to be valued at about €1 billion (US$1.2 billion or RM4.7 billion), according to a January report by Bloomberg [2].
Representatives for both HSG and Blackstone declined to comment on the talks [2]. HSG is known for acquiring premium brands, including the sneaker maker Golden Goose and a majority stake in Marshall Group AB [2].
If the acquisition proceeds, Leica Camera AG may eventually pursue a public listing again, though that remains uncertain [2].
The possible transaction marks a significant move for HSG, which is expanding its portfolio across luxury consumer products and entertainment sectors. Kaufmann’s decision on whether to sell his majority stake will be crucial to the deal’s scale.
HSG’s bid follows recent larger investment moves including an Abu Dhabi royal investment unit acquiring a majority stake in UK hospitality venues in April 2025 [2]. The company’s progress on the Leica deal is closely watched in the premium brand acquisition market.
The next developments to watch include any firm agreement announcements or formal sale filings. A public decision by Kaufmann on selling his stake will be a key step toward finalizing the ownership transition [2].
