March 6, 2019 / 8:07 AM / 4 months ago

Assa Abloy to buy 54 percent stake in Switzerland's agta record for 502 mln euros

STOCKHOLM (Reuters) - Sweden’s Assa Abloy, the world’s biggest lockmaker, said on Wednesday it had agreed to buy an additional 54 percent in Swiss entrance systems firm agta record for 502 million euros ($567.26 million).

Assa Abloy, which already owns 39 percent in the Swiss firm, said it was buying the stake from Agta Finance for 70 euros per share, a 3 percent premium compared with agta record’s closing share price on Tuesday.

After closing the transaction, expected in the fourth quarter and primarily conditional on European Union antitrust authorities approval, Assa said it intended to launch a public tender offer for the remaining shares, also at 70 euros per share.

Trading in agta record shares is suspended on Wednesday and will resume on Thursday.

Reporting by Johannes Hellstrom; editing by Emelia Sithole-Matarise

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