Allegion To Acquire SimonsVoss Technologies From HgCapital - Quick Facts

(RTTNews) - Allegion plc (ALLE) announced that the company through its subsidiary, Allegion Luxembourg Holding & Financing S.à r.l, has agreed to acquire SimonsVoss Technologies GmbH from HgCapital. The transaction is valued at 210 million euros.

SimonsVoss, headquartered in Munich, Germany, is an electronic lock company. SimonsVoss generated sales of approximately 52 million euros in 2014 and has approximately 275 employees.

Allegion plans to fund the acquisition through existing cash on hand and its revolving credit facility. The company expects the transaction to be accretive to its EBITDA margin and accretive to earnings by 2016. The company said, excluding transaction and integration costs, the deal is expected to be immediately accretive to earnings.