Assa Abloy Buys 98.5% of Evolis for EUR225 Million

By Dominic Chopping

STOCKHOLM--Assa Abloy said on Wednesday that it has acquired a 98.5% stake in French manufacturer of ID card printers Evolis for 224.9 million euros ($240.2 million).

The Swedish lock maker outlined plans for the acquisition in July and said it will now file a mandatory public tender offer followed by a squeeze-out to acquire the balance of the remaining shares at the same purchase price per Evolis share of EUR43.75.

The acquisition was made through Assa Abloy's HID Global subsidiary, which intends to complete the offer and squeeze-out during the fourth quarter of 2023.

The total amount paid for the acquisition, the offer and the squeeze-out will amount to around EUR228.4 million.

Write to Dominic Chopping at [e-mail]

(END) Dow Jones Newswires

09-20-23 0244ET