News

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.

Majority shareholders complete sale of agta record to ASSA ABLOY

The shareholders of agta finance completed the sale of their indirect 54% shareholding in agta record to ASSA ABLO, previously a 39% shareholder in agta record.

ASSA ABLOY now owns approximately 93% of the share capital and voting rights.

The purchase price for the 54% stake is based on an adjusted* purchase price per agta record share of EUR 70.58 and valuing agta record at more than EUR 940 million.

As previously announced, ASSA ABLOY will file a proposed simplified public tender offer for the remaining outstanding shares of agta record listed on Euronext Paris immediately after the closing and at an adjusted* price of EUR 70.58 per agta record share, subject to the AMF's regulatory approval. agta record will apply immediately after the closing for the delisting of its shares from Euronext Paris. Subject to Euronext Paris approval, the delisting will become effective shortly after the closing of the proposed simplified public tender offer.

*notably adjusted to include an interes component