SKIDATA Sold To ASSA ABLOY
The Kudelski Group (SIX.S), the world leader in digital security, announced that it has signed a definitive agreement to sell its SKIDATA business to ASSA ABLOY.
Under the Group's leadership over the past 23 years, SKIDATA has grown into a global provider of innovative solutions for Parking & Mobility and Sports & Entertainment, with revenues growing from approximately EUR 95 million in 2002 to EUR 305 million in 2023.
"We are proud and grateful for what SKIDATA has achieved since joining the Group in 2001," said André Kudelski, Chairman and CEO of the Kudelski Group. "This transaction is part of our overall strategy to focus the Group on digital security technologies and solutions for the media, Internet of Things and cybersecurity markets. We thank the SKIDATA teams for their hard work and numerous achievements and wish them all the best as part of ASSA ABLOY."
"I am very pleased to welcome the SKIDATA team into the ASSA ABLOY Group. This acquisition delivers on our strategy to grow our business in mature markets through adding complementary products and solutions to our core business.
“SKIDATA's attractive product portfolio and strong performance in access solutions will enhance and complement our current offering,” says Massimo Grassi, Executive Vice President of ASSA ABLOY and Head of Entrance Systems Division. “Its commitment to secure, reliable access solutions and excellent customer service aligns perfectly with our values, and I’m convinced that together, we will continue our successful journey.” says Nico Delvaux, President and CEO of ASSA ABLOY.
The transaction is subject to regulatory approval and customary closing conditions and is expected to close in the third quarter of 2024. The financial terms of the deal reflect an enterprise value for SKIDATA of EUR 340 million.
Goldman Sachs is acting as exclusive financial advisor and Hogan Lovells International LLP is acting as legal advisor to the Kudelski Group.
