Somfy SA (ENXTPA:SO) signed an agreement to acquire a 75% stake in Teleco Automation Srl on February 24, 2022. The agreement comes with put and call options relating to the balance of Teleco Automation's share capital exercisable in early 2025. Somfy will finance the acquisition using existing cash resources.

In 2021, Teleco reported sales of €40 million. The transaction is subject notably to the waiving of usual conditions precedent and is expected to close during the second quarter of 2022.