Mannheimer Swartling advises ASSA ABLOY in EC approval and subsequent divestment transaction

In March 2019, ASSA ABLOY, a global leader in access solutions, signed an agreement with the shareholders of Agta Finance to indirectly acquire their 54 per cent shareholding in agta record, a well-established manufacturer of automatic pedestrian entrance systems based in Switzerland. The acquisition was subject to approval by the European Commission.

On 27 February 2020, the European Commission approved ASSA ABLOY’s acquisition of agta record, subject to the implementation of certain commitments, including divestments of certain businesses. As a result of the commitments, on 16 June 2020, ASSA ABLOY and agta record entered into an agreement with FAAC SpA for, among other things, divestment of businesses in six countries.

On 14 August 2020, the European Commission issued its final approval relating to the divestments and the transaction was subsequently completed on 31 August 2020.

ASSA ABLOY was advised by Mannheimer Swartling.