Media release 29.06.2020
agta record sells five businesses in relation to the ASSA ABLOY transaction
agta record and ASSA ABLOY entered into binding agreements with Italy based FAAC group for the sale of certain agta record and ASSA ABLOY businesses. These divestitures are part of the commitments to address the competition concerns of the EU Commission in connection with the aquisition of agta record by ASSA ABLOY.
The divestments encompass the agta record businesses in the Netherlands, Austria, Hungary and Slovenia, as well as the agta record high-speed door business located in France. In addition, ASSA ABLOY is divesting its automatic pedestrian door businesses in France and the UK. The divested buisnesses had compbined turnover of approximately EUR 93 million in 2019, representing about 20% of total initial added revenue. The selling price for the divested businesses is EUR 100 million on a cash and debt free basis.
The divestitures are subject to customary closing conditions and are expected to close during the third quarter of 2020.
The acquisition of agta record by ASSA ABLOY is expected to close during July 2020 after all remaining closing conditions and the EU Commission requirements have been fulfilled. Additional information, particularly with regard to the closing of the acquisition of agta record by ASSA ABLOY and the subsequent tender offer bay ASSA ABLOY for the remaining agta record shares, will be communicated as soon as possible.