Legrand (LGRDY) has signed an agreement to acquire a controlling interest in Cogelec, a French firm specializing in building access control systems, which reported €74 million in revenue for 2024.
Legrand France, a subsidiary of Legrand, entered into a put option agreement with Cogelec's management and shareholder Raise Investissement to acquire Cogelec Développement. This holding company owns approximately 60.09% of Cogelec's share capital and 78.39% of its voting rights. The deal is based on a share price of €29, valuing Cogelec at roughly €254 million on a fully diluted basis.
Completion of the transaction is contingent upon consultation with Cogelec's works council and regulatory approval from the French competition authority. If finalized, Legrand will initiate a mandatory simplified tender offer to purchase remaining Cogelec shares at the same price, potentially followed by a squeeze-out if ownership thresholds are met.
Cogelec's board has expressed support for the deal and formed an ad hoc committee to oversee the independent review process. The acquisition and subsequent tender offer are expected to occur in Q4 2025. Trading in Cogelec shares has been temporarily suspended and will resume on July 10, 2025.
Cogelec CEO Roger Leclerc described the acquisition as a strategic turning point, enhancing the company's innovation and growth prospects through integration with Legrand. Legrand CEO Benoît Coquart noted the deal aligns with the company's 2030 roadmap and marks its sixth acquisition of the year, contributing to over €190 million in acquired annual revenue.
LGRDY currently trades at $26.55, or 0.11% higher on the OTC Markets OTCPK.
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