ASSA ABLOY has entered into binding agreements with Italy based FAAC Group for the sale of certain agta record and ASSA ABLOY businesses, as part of the commitments to address the competition concerns of the EU Commission in connection with the acquisition of the Swiss company agta record (the “Divestiture”).
The divested business includes the agta record operations in the Netherlands, Austria, Hungary and Slovenia, as well as the ASSA ABLOY automatic pedestrian door business in France and the UK. In addition, agta record´s high-speed door business located in France is also included.
Fulfilling EU Commission requirements
The divested business had a turnover in 2019 of approximately EUR 93 million, representing about 20% of total initial added revenue. The selling price for the Divestiture is EUR 100 M on a cash and debt-free basis.
The Divestiture is subject to customary closing conditions and is expected to close during the third quarter of 2020. The acquisition of agta record is expected to be closed 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 and to the subsequent tender offer by ASSA ABLOY on the remaining agta record shares, will be communicated as soon as possible.