ASSA ABLOY's acquisition of majority stake in agta record completed
ASSA ABLOY has completed the acquisition of a 54% stake in agta record, increasing its ownership to approximately 93%. The total purchase price amounts to MEUR 506, translating to an adjusted price of EUR 70.58 per share. Following the acquisition, ASSA ABLOY plans to file a public tender offer for the remaining shares at the same price, pending regulatory approval. agta record will apply for delisting from Euronext Paris after this acquisition, effective after the closing of the offer on August 31, 2020.
- ASSA ABLOY increases control over agta record to approximately 93% ownership.
- Acquisition price reflects a strong valuation at EUR 70.58 per share.
- Potential for synergies and market expansion through consolidation.
- Delisting from Euronext Paris may limit liquidity of agta record shares.
- Integration challenges may arise post-acquisition.
STOCKHOLM, Aug. 20, 2020 /PRNewswire/ -- ASSA ABLOY, previously a
ASSA ABLOY now owns approximately
The purchase price for the Acquisition amounts to approximately MEUR 506, equivalent to an adjusted[1] purchase price per agta record share of EUR 70.58.
As previously announced ASSA ABLOY will immediately after the Acquisition file a proposed simplified public tender offer for the remaining outstanding shares of agta record, listed on Euronext Paris, at an adjusted price of 70.58 EUR per agta record share (the "Offer"). The Offer is subject to the French AMF's regulatory approval.
agta record will also apply for the delisting of its shares from Euronext Paris immediately after the Acquisition. Subject to the Euronext Paris approval, the delisting will become effective shortly after the closing of the Offer.
agta record will be consolidated into ASSA ABLOY as of August 31, 2020.
For more information, please contact:
Nico Delvaux, President and CEO, tel. no: +46 8 506 485 82
Erik Pieder, CFO and Executive Vice President, tel. no: +46 8 506 485 72
Björn Tibell, Head of Investor Relations, tel. no: +46 70 275 67 68
About ASSA ABLOY
The ASSA ABLOY Group is the global leader in access solutions. The Group operates worldwide with 49,000 employees and sales of SEK 94 billion. The Group has leading positions in areas such as efficient door openings, trusted identities and entrance automation. ASSA ABLOY's innovations enable safe, secure and convenient access to physical and digital places. Every day, we help billions of people experience a more open world.
[1] Notably including an upward interest rate adjustment.
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SOURCE ASSA ABLOY
FAQ
What was the value of ASSA ABLOY's acquisition of agta record?
When will agta record be consolidated into ASSA ABLOY?
What will happen to agta record's shares on Euronext Paris?
What is the adjusted purchase price per share for agta record?
Will ASSA ABLOY continue to offer shares of agta record after the acquisition?
