Dormakaba Holding AG completed the acquisition of certain Mechanical Security businesses from Stanley Black & Decker, Inc..
February 21, 2017
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dormakaba Holding AG (SWX:DOKA) signed an agreement to acquire certain Mechanical Security businesses from Stanley Black & Decker, Inc. (NYSE:SWK) for approximately $730 million on December 21, 2016. The transaction encompasses Stanley Commercial Hardware spanning mainly across North America and including a production facility in Taiwan; as well as GMT in China. Sargent and Greenleaf, a safe lock provider that also forms part of Stanley Black & Decker's Mechanical Security business, is not included in the transaction. The acquisition will be fully debt financed by an increase in the existing syndicated bank credit facility. Full operational integration is expected to take up to three years, starting with the carve-out process of the acquired business from Stanley Black & Decker and integration of the back-end functions into dormakaba Holding AG. The transaction is subject to customary closing conditions. The transaction is expected to close in the first quarter of 2017. The transaction is expected to be neutral to EBITDA margin of dormakaba Holding AG from closing, and accretive from full year 2019/2020 onwards. With regard to earnings per share, the transaction is expected to be EPS accretive from day one. Paul Tiger, Ethan Klingsberg, Greg McKay, Derrick A. Davis Jr., Kelsey Nussenfeld, Cecile Abramowicz, Partner Len Jacoby, Daniel Forester, Brendan Cohen, Shira Borzak, Daniel Esannason, Kathleen Emberger, Bobby Underwood, Lisa McKenna, David Gelfand, Daniel Culley, Ryan Davis, Janine Discher, Corey Goodman, Nawal Maalouf, Richard Bidstrup, Beau Sterling, Meme Peponis, Manuel Metzner, Matthew Mao, Mirko von Bieberstein, Partner Paul Marquardt, Matthew Bachrack, Joshua Panas, Janis Foo, Jim Corsiglia, David Gelfand, Paul Marquardt, Richard Bidstrup, Matthew Bachrack, Daniel Culley, Ryan Davis, Beau Sterling, Janine Discher, Manuel Metzner and Mirko von Bieberstein of Cleary Gottlieb Steen & Hamilton LLP acted as legal advisors for Stanley Black & Decker. Credit Suisse acted as financial advisor to dormakaba. William Gump and Bradley Friedman of Willkie Farr & Gallagher acted as legal advisors to dormakaba Holding AG.
dormakaba Holding AG (SWX:DOKA) completed the acquisition of certain Mechanical Security businesses from Stanley Black & Decker, Inc. (NYSE:SWK) on February 22, 2017.
Dormakaba Holding AG is a Switzerland-based company engaged in the provision of access solutions and systems in the security industry. The Company operates in three business segments: the Access + Data Systems segment products range from mechanical and mechatronic lock cylinders, networked access control solutions, pushbutton locks, digital locking systems, access control and management software, card readers, and hotel locking systems to electronic high-security locking solutions, Automated Teller Machine (ATM) locks, transit and cargo security products, as well as locks and cylinders for Original Equipment Manufacturer (OEM) use; the Key Systems segment offers products, ranging from keys, key blanks and transponder keys to mechanical, electronic and (semi-)industrial key cutting and origination machines, as well as duplication equipment, and Other segment includes operations involving contactless identification systems, which are based on Legic smartcard technology.
DORMAKABA HOLDING AG 
