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Investing.com -- Legrand (EPA:LEGD) (EPA:LR) has signed an agreement to acquire a majority stake in French access control specialist Cogelec (EPA:ALLEC) in a deal valuing the company at approximately €254 million on a fully diluted basis.
The transaction involves Legrand France purchasing all shares of Cogelec Développement, which holds 5,347,065 Cogelec shares representing 60.09% of share capital and 78.39% of voting rights. The deal values Cogelec shares at €29 each, excluding the 2024 dividend.
Cogelec, which generated €74 million in revenue for 2024, operates in six European countries and has more than 2.5 million dwelling subscriptions under its Intratone brand. The company created the first global wireless interphone solution in 2007.
The acquisition requires completion of information and consultation processes with Cogelec’s work council bodies and approval from French competition authorities. The transaction is expected to be finalized during the fourth quarter of 2025.
Following the acquisition, Legrand plans to launch a mandatory simplified tender offer for remaining Cogelec shares at €29 per share. If threshold requirements are met, Legrand would request implementation of a squeeze-out procedure to acquire shares not obtained through the tender offer.
Cogelec’s Board of Directors welcomed the transaction and formed an ad hoc committee of three directors to evaluate the deal. Trading in Cogelec shares was suspended and will resume on Wednesday.
This marks the sixth acquisition announced by Legrand this year, with total acquired revenue exceeding €190 million on an annualized basis.
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