Assa Abloy, a 39% shareholder of the Swiss company Agta Record AG, has received clearance by the EU Commission to indirectly acquire the 54% shareholding in Agta Record from the shareholders of Agta Finance.

The purchase price for the acquisition amounts to approximately $600 million*, equivalent to an adjusted purchase price per Agta Record share of $83.77. The acquisition is expected to close this month. 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 its entrance systems division.

*Editor’s Note: The currency amounts were converted from Euros to U.S. dollars on August 17, 2020.