Franklin advises Assa Abloy on acquiring a majority stake in agta record
On March 6, 2019, ASSA ABLOY signed an agreement with the shareholders of Agta Finance to acquire their 54 percent stake in agta record ag (“agta record”), a Swiss company listed on Euronext Paris, foreign stocks, in which ASSA ABLOY already owned a 39 percent shareholding.
Upon completion of the acquisition, which is conditional upon, inter alia, EU antitrust clearance, ASSA ABLOY will own approximately 93 percent of the share capital and voting rights of agta record and will file a tender offer for its remaining outstanding shares.
After the closing of the tender offer, ASSA ABLOY intends to initiate a “squeeze-out merger” under the Swiss Merger Act, to acquire the remaining outstanding shares of agta record.
agta record is a leading manufacturer of automatic pedestrian entrance systems and provider of related services. It is headquartered in Fehraltorf, Switzerland, and has 2,600 employees. In 2018, agta record grossed EUR 374.4 million. It sells its products and services across the globe and is directly present with subsidiaries in 17 countries.
NKF partner Thomas Brönnimann, assisted by Samuel Hochstrasser, advised on Swiss law issues.
The sellers were advised by, among others, CMS Francis Lefebvre Avocats (France and Switzerland), with a team led by partners Alain Raemy and Jean-Robert Bousquet, assisted by Thibault Jabouley.