CMS advised the shareholders of agta record on the sale of their majority stake in agta record to the Swedish group Assa Abloy
The shareholders of the Swiss family-held company 3B Finance GmbH, CM-CIC Investissement and Banque Fédérative du Crédit Mutuel (Crédit Mutuel Alliance Fédérale) have decided to sell their shares in 3B Finance and Agta Finance, i.e. the holding company of the agta record group, to Assa Abloy, which already is a 39% shareholder in agta record. The parties have signed an SPA valuing the indirect 53.75% majority stake held by Agta Finance in agta record's share capital at EUR 70 per share and 100% of agta record's share capital at EUR 933m. After the completion of the acquisition, which is however conditional upon approval from the European competition authorities, Assa Abloy will own 93.77% of agta record's share capital.
The agta record shares are listed on Euronext Paris, foreign stocks. Following the completion of the transaction, ASSA ABLOY will launch a voluntary public tender offer or, subject to the prior agreement of the AMF (Autorité des marchés financiers in Paris), any other kind of public offer for the remaining outstanding shares in agta record.
The transaction is expected to close during the fourth quarter of 2019.
An international CMS team led by Stefan Brunnschweiler, Partner, Global Head of the CMS Corporate/M&A Group, and Alain Raemy, Partner, (both CMS Switzerland), and Jean-Robert Bousquet, Partner, Co-Head of Corporate/M&A of CMS Francis Lefebvre, (CMS France), have comprehensively advised the sellers on all legal aspects in the course of this international transaction.
agta record is a well-established manufacturer and service organisation dedicated to automatic pedestrian entrance systems. agta record is headquartered in Fehraltorf, Switzerland, and has 2,600 employees. agta record's sales for 2018 amounted to EUR 374 million. agta record's extensive expertise covers the design, production, marketing, installation and maintenance of a large range of automatic doors.
agta record sells its products and services across the globe and is directly present with subsidiaries in 17 countries.
ASSA ABLOY is the global leader in door opening solutions, dedicated to satisfying end user needs for security, safety and convenience. Since its formation in 1994, ASSA ABLOY has grown from a regional company into an international group with about 48,500 employees, operations in more than 70 countries and sales of SEK 84 billion. In the fast-growing electromechanical security segment, the Group has a leading position in areas such as access control, identification technology, entrance automation and hotel security.
- Stefan Brunnschweiler, Partner, Global Head of the CMS Corporate/M&A Group
- Alain Raemy, Partner, Corporate/M&A
- Dr Daniel Jenny, Partner, Corporate/M&A
- Anna Tomaschek, Associate, Corporate/M&A
- Andrea Relly, Associate, Corporate/M&A
- Florian Jung, Associate, Corporate/M&A
- Oliver Girstmair, Trainee, Corporate/M&A
- Marion Wyler, Associate, Competition
- Christian Gersbach, Partner, Employment
- David Hürlimann, Partner, Tax
- Mark Cagienard, Partner, Tax
- Jens Lehmann, Associate, Tax
- Cedric Müller, Associate, Tax
- Jean-Robert Bousquet, Partner, Co-Head of Corporate/M&A of CMS Francis Lefebvre
- Thibault Jabouley, Counsel, Corporate/M&A / Capital Markets
- Anne-Flore Millet, Associate, Corporate/M&A
- Kai Neuhaus, Partner, Competition
- Dr Björn Herbers, Partner, Competition