Allegion to Acquire ELATEC

DUBLIN – Allegion plc (NYSE: ALLE), a leading global security products and solutions provider, through one of its subsidiaries, has signed a definitive agreement to acquire ELATEC, including Elatec GmbH and other group entities, ("ELATEC") from Summit Partners for €330 million on a cash-free, debt-free basis. Allegion expects to fund the acquisition through a combination of cash on hand and borrowings under its existing revolving credit facility.

ELATEC is a leading manufacturer of security and access technology, specializing in RFID credentials and readers solutions designed in Germany and sold globally. ELATEC’s extensive portfolio of readers leverages their internally developed software stack and ensures compatibility with nearly 100 credential types, making the company a leader in interoperability, which aligns well with Allegion’s partner of choice strategy.

Read the complete press release here.

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