Information Technology Kudelski sells Skidata to Assa Abloy

The Kudelski Group is selling its Skidata division to the Swedish manufacturer of locking and security systems Assa Abloy. The sale is to be completed in the third quarter of this year, as the company announced on Monday.

The company announced in mid-February that the sale would provide Kudelski with the necessary liquidity to repay the CHF 145.9 million bond maturing in September 2024. The sale price reflects an enterprise value of 340 million euros, it added. The deal is still subject to regulatory approvals.

Skidata offers access control systems for airports, shopping centers, ski lifts and stadiums. Kudelski acquired the company in 2001. In 2023, the division generated a turnover of 326.4 million US dollars, which corresponds to almost half of the Kudelski Group's turnover.

"This transaction is part of our overarching strategy to tighten the Group's focus on digital security technologies and solutions for the media, Internet of Things and cybersecurity markets," said Kudelski CEO André Kudelski in the press release.

SDA