February 27, 2020 / 8:21 PM / in a month

Assa Abloy wins conditional EU okay for agta record buy

BRUSSELS, Feb 27 (Reuters) - World No. 1 lock maker Assa Abloy on Thursday gained EU antitrust approval to increase its stake in Swiss door maker agta record after agreeing to sell assets and supply spare parts on fair terms for at least 10 years.

The European Commission said agta record’s automatic pedestrian door business in the Netherlands, Austria, Hungary and Slovenia and Assa Abloy’s automatic pedestrian business in the United Kingdom and France will be sold to a rival.

Agta Record’s French industrial high-speed door business will also be divested. Assa Abloy also pledged to supply spare parts, related technical information and servicing tools on fair and reasonable terms including via an online marketplace.

The deal involves Assa Abloy, which already owns 39% of agta record, acquiring an additional 54% stake. (Reporting by Foo Yun Chee)

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