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    Breaking News

    ASSA ABLOY Acquiring Majority Stake in agta record

    agta record is a well-established manufacturer and service organization dedicated to automatic pedestrian entrance systems.

    ASSA ABLOY Acquiring Majority Stake in agta record
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    03.07.19
    After the acquisition of the 39%  holding back in 2011, ASSA ABLOY has entered into an agreement with the founding family and the other shareholders of Agta Finance to indirectly acquire their 54% holding in agta record.
     
    After the completion of the acquisition, which is conditional upon EU antitrust authorities approval in particular, ASSA ABLOY will own approximately 93% of the share capital and voting rights of the company and will launch a public tender offer for the remaining outstanding shares at the same purchase price per agta record share as for the acquisition, i.e., €70 per agta record share.
     
    agta record is a well-established manufacturer and service organization dedicated to automatic pedestrian entrance systems. The company is headquartered in Fehraltorf, Switzerland and has 2,600 employees. For 2018, agta record´s sales amounted to €374.4 million.
     
     “I look forward to welcoming agta record and all of its employees into the ASSA ABLOY Group. I am convinced that ASSA ABLOY will be a very good home for agta record which is a strategic addition to the Group and adds important competence, products and services and thus enhances ASSA ABLOY´s position in a competitive entrance automation market, where our sales have grown from SEK 3 billion in 2008 ($322 million) to SEK 24 billion ($2.58 billion) in 2018,” said Nico Delvaux, president and CEO of ASSA ABLOY.
    Background and reasons for the Acquisition
     
    ASSA ABLOY has always viewed agta record as a great company, supplementing ASSA ABLOY both in terms of product offering and geographic scope, with a well-known brand, strong culture, high-quality products and solutions all managed by a professional team. Generating more than 40 percent of total revenues from service, agta record creates a strong base for recurring revenue and good profitability.
     
    The purchase price for the acquisition amounts to approximately €502 million equivalent to a purchase price per agta record share of €70, representing a premium of approximately 6% over agta record´s volume-weighted average share price on Euronext Paris during the last three months up to and including March 5, 2019, of approximately €66.2.
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