Kudelski Group to sell Skidata division to Assa Abloy

The Kudelski Group is set to sell its Skidata division to Swedish locking and security systems manufacturer Assa Abloy, with the sale expected to be completed in the third quarter of this year, the company announced on Monday. Kudelski had initially disclosed plans for the sale in mid-February, stating that the proceeds would provide the necessary liquidity to repay a CHF145.9 million ($164.35 million) bond maturing in September 2024. The sale price reflects an enterprise value of CHF340 million. The deal is still subject to regulatory approvals. +Get the most important news from Switzerland in your inbox. Skidata, acquired by Kudelski in 2001, offers access control systems for airports, shopping centres, ski lifts, and stadiums. In 2023, Skidata generated a turnover of CHF326.4 million, accounting for nearly half of the Kudelski Group's total turnover. +Three Swiss firms among top 100 most valuable "This transaction is part of our overarching strategy to tighten the Group's focus ...