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business news
EU Commission clears Assa Abloy for Agta Record acquisition
Stockholm, Sweden
Assa Abloy has received phase 1 conditional clearance by the EU Commission for Assa Abloy, as a 39% shareholder in the Swiss company Agta Record, to indirectly acquire the 54% shareholding in Agta Record from the shareholders of Agta Finance.
Closing of the acquisition is expected in the second half of 2020 after all remaining closing conditions and the EU Commission requirements have been fulfilled. “Receiving the EU Commission´s approval is an important step towards completing the
acquisition of Agta Record and we look forward to welcoming the Agta Record people to our Group. This is a strategic addition to the Assa Abloy Group and will bring important competence, products and services to the Group,” says Nico Delvaux, President and CEO of Assa Abloy. During the approval process in Europe Assa Abloy has made commitments to address the competition concerns of the EU Commission, including entering into binding agreements for the sale of certain Agta Record and Assa Abloy businesses to third parties. The commitments include the divestiture of 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 in France will be divested. It is important that the divested businesses get a committed and experienced owner that gives them a new home and creates opportunities for the future. These divestments represent about 20% of total initial added revenue. Despite these divestments, however, the majority of the identified synergies between Assa Abloy and Agta Record will be realised. After the acquisition Assa Abloy will own approximately 93% of the share capital and voting rights of Agta Record and will shortly thereafter launch a public tender offer for the remaining outstanding shares of Agta Record,
Nico Delvaux, President & CEO, Assa Abloy.
listed on Euronext Paris, at a price of 70 EUR per Agta Record share, subject to the fairness opinion of the independent appraiser to be appointed by Agta Record and to the AMF´s clearance decision.in the form of image material.
Assa Abloy acquires UK biometrics company
Stockholm, Sweden
Assa Abloy has acquired Biosite, a leading solutions provider of biometric access control to the UK construction industry. “I am very pleased to welcome Biosite and their employees into the Assa Abloy Group. Biosite is a strategic technological addition to the Assa Abloy Group. The company will rein-
force our current offering within solutions for access control and will provide complementary growth opportunities,” says Nico Delvaux, President and CEO of Assa Abloy. “Biosite offers biometric access- and workforce management solutions to the construction sector; maximizing security
and safety whilst providing full visibility to material-, design plans- and people flow on the construction site. Combining hardware, software and services the company is a very good fit with Assa Abloy Global Solutions,” says Christophe Sut, Executive Vice President and Head of Global Technologies business
unit Global Solutions. Biosite was founded in 2010, has some 140 employees and the main office is located in Solihull, UK. Sales in 2019 amounted to about GBP 14 million (approx. SEK 175 million) and the acquisition will be dilutive to EPS from start.
Milestone Systems CEO resigns
Copenhagen, Denmark
After 17 years, Lars Thinggaard, President and Chief Executive Officer at Milestone Systems, has decided to leave the company. As a result, the Board has started an open search to appoint a successor to Lars Thinggaard. During the intervening period, Lars Larsen, Milestone Systems’ Chief Financial Officer, will serve as Interim CEO. Following the announcement, Lau Normann Jørgensen, Chairman, Milestone Group, said: “I am very grateful to Lars for the energy, vision, and heart that
he has dedicated to Milestone employees and the community partners. Please join me in wishing Lars the absolute best in all his future plans and endeavours.” Lars Larsen, Chief Financial Officer and interim CEO said: “I would like to echo Lau’s thanks, Lars has played a crucial role in the development of Milestone. Looking ahead, Milestone is a strong company and well positioned to continue as a leader in the open platform video management software business.” Lars Thinggaard has been
President and CEO of Milestone Systems for 17 years and before this as a member of the non-executive board. For the last six years, since the company’s acquisition by Canon Group in 2014, he has led Milestone as a standalone company in the Group. Under his leadership, Milestone has developed into a growth company with a strong team and a great future. Looking ahead, as investor and non-executive chairman of several companies in the startup community, the company says
Lars Larsen CFO and Interim CEO, and Lars Thinggard outgoing CEO, Milestone Systems.
that Lars sees that now is the right time to move on and focus on these new initiatives and he would also like the flexibility and time to promote his new book.
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