The Kudelski Group, a specialist in digital security, has signed a definitive agreement to sell its Skidata business to Assa Abloy, a Sweden-based provider of access solutions. Financial terms of the deal reflect an enterprise value for Skidata of €340 million.

Over the past 23 years, Skidata has evolved into a global provider of solutions for Parking & Mobility and Sports & Entertainment, with revenues increasing from approximately €95 million in 2002 to €305 million in 2023.

“We are proud of and grateful for what Skidata has accomplished since joining the Group in 2001,” said André Kudelski, Chairman and CEO of the Kudelski Group. “This transaction is part of our overarching strategy to streamline the Group’s focus on digital security technologies and solutions for Media, the Internet of Things and Cybersecurity markets. We thank the Skidata teams for their hard work and many accomplishments and wish them well as part of Assa Abloy.”

“I am very pleased to welcome the Skidata team into the Assa Abloy Group. This acquisition delivers on our strategy to grow our business in mature markets through adding complementary products and solutions to our core business,” added Nico Delvaux, President and CEO of Assa Abloy.

The transaction is subject to regulatory approval and customary closing conditions and is expected to close during the third quarter of 2024.

Goldman Sachs is acting as exclusive financial advisor, and Hogan Lovells International is acting as legal advisor, to the Kudelski Group.

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Tags: kudelski, NAGRA