ASSA ABLOY's divestiture of certain businesses in relation to the acquisition of agta record completed
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.
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Rhea-AI Summary
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.
Positive
- Transaction value of MEUR 100 strengthens liquidity.
- Divestiture resolves EU Commission competition concerns.
Negative
- Loss of approximately 20% of total initial added revenue.
- Potential integration challenges post-divestiture.
Details
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STOCKHOLM, Sept. 1, 2020 /PRNewswire/ -- ASSA ABLOY has closed the sale to Italy based FAAC Group 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 mainly in France is also included.
The divested business had a turnover in 2019 of approximately MEUR 93, representing about
The Divestiture will be de-consolidated from 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.
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SOURCE ASSA ABLOY
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