The purchase price amounts to approximately EUR 506 million and the acquisition is expected to close during August 2020. After the Acquisition Assa Abloy will own approximately 93% of the share capital and voting rights of Agta Record.

As previously announced Assa Abloy has entered into 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.

"I look forward to finally welcoming Agta Record and all of its employees into the Assa Abloy Group. I am convinced Assa Abloy will be a good home for Agta Record, which is a strategic addition to the Group and will bring important competence, products and services. I am also glad that the divested businesses, with its employees and customers, will be in good hands and I wish them future success,” says Nico Delvaux, President and CEO of Assa Abloy.

"Following a long acquisition journey we are happy to be near the end of the process. Agta Record brings the well-known brand “record”, a strong culture, high quality products and a very strong workforce and management. We can now turn our focus to the many opportunities this acquisition will bring,” says Christopher Norbye, Executive Vice President of Assa Abloy and Head of Entrance Systems Division.

Immediately after the acquisition, Assa Abloy will file a proposed simplified public tender offer for the remaining outstanding shares of Agta Record, listed on Euronext Paris, at an adjusted price of 70.54 EUR per Agta Record share. Agta Record will also apply for the delisting of its shares from Euronext Paris immediately after the acquisition.

Based on external financial information for 2019 for both Agta Record and Assa Abloy, the acquisition of Agta Record adds around 4% to Assa Abloy’s consolidated revenue, excluding the divestiture. The operating margin effect for Assa Abloy will be dilutive and the acquisition accretive to EPS from start, based on Agta Record´s financial performance in 2019.