Assa Abloy acquires majority stake in Agta Record

Assa Abloy has, as a 39 percent shareholder in the Swiss company Agta Record ag, signed an agreement with the shareholders of Agta Finance to indirectly acquire their 54 percent shareholding in Agta Record. The purchase price for the Acquisition amounts to approximately EUR 502 million equivalent to a purchase price per Agta Record share of EUR 70.

After the completion of the acquisition, which is conditional upon EU antitrust authorities approval in particular, Assa Abloy will own approximately 93 percent 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.

Agta Record is a well-established manufacturer and service organisation 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 EUR 374.4 million. The Company’s extensive expertise covers the design, production, marketing, installation and maintenance of a large range of automatic doors. Agta Record sells its products and services across the globe and is directly present with subsidiaries in 17 countries.

“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 to SEK 24 billion in 2018,” says Nico Delvaux, President and CEO of Assa Abloy.