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ASSA ABLOY has finalized the sale of specific businesses to Italy-based FAAC Group as part of the EU commitments related to the agta record acquisition. This divestiture includes operations in the Netherlands, Austria, Hungary, Slovenia, France, and the UK, with a 2019 turnover of approximately MEUR 93. The transaction, valued at MEUR 100 on a cash and debt-free basis, will de-consolidate from ASSA ABLOY as of August 31, 2020. The divestiture represents about 20% of the initially added revenue from the acquisition, highlighting its strategic importance in addressing competition concerns.
On August 17, 2020, ASSA ABLOY announced its acquisition of Access-IS, a specialist in electronic RFID, NFC, and barcode devices for document authentication and payments. This strategic move aims to complement ASSA ABLOY's extended access technologies and is expected to enhance growth opportunities within its Identification Technologies division. Access-IS, founded in 1985, recorded sales of approximately MGBP 19 (MSEK 220) in 2019. The acquisition is projected to be neutral to earnings per share from the start.
ASSA ABLOY announced that the EU Commission has cleared its acquisition of a 54% stake in agta record for approximately EUR 506 million, with a share price of EUR 70.54. This will increase ASSA ABLOY's ownership to about 93% of agta record. The acquisition is expected to enhance ASSA ABLOY's consolidated revenue by 4% and is expected to close in August 2020. Following the acquisition, ASSA ABLOY will make a simplified tender offer for remaining shares and agta record will apply for delisting from Euronext Paris.