O’Melveny Advises ASSA ABLOY on Agreement to Sell Citizen Identity Solutions Business to TOPPAN
October 21, 2024
FOR IMMEDIATE RELEASE
SILICON VALLEY and LONDON—October 21, 2024—O’Melveny advised ASSA ABLOY on its agreement to sell its Citizen Identity Solutions business to TOPPAN.
The transaction, announced on October 18, is subject to regulatory approval, employee consultation requirements in certain countries and customary closing conditions and is expected to close during the first quarter of 2025.
The ASSA ABLOY Group is the global leader in access solutions. The Group operates worldwide with 61,000 employees and sales of SEK 141 billion. The Group has leading positions in areas such as efficient door openings, trusted identities, and entrance automation.
A transatlantic team from O’Melveny is advising ASSA ABLOY on the transaction, led by partner Sevda Staykova and counsel Ben Finger in London, and partner David Makarechian and counsel AJ Talt in Silicon Valley. The O’Melveny team also includes partners Jan Birtwell (Tax), Christian Peeters and David Ribner (Regulatory), and Ashwin Gokhale (IP), and associates Matt Cook, Emma Drysdale, George Duncan, and Emily Losi.
About O’Melveny
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Contact:
Brandon Jacobsen
O’Melveny & Myers LLP
+1 213 430 8024
bjacobsen@omm.com
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ASSA ABLOY issued the following announcement:
ASSA ABLOY enters into an agreement to sell Citizen ID
2024-10-18
ASSA ABLOY has signed an agreement to sell its Citizen ID business to TOPPAN.
The Citizen ID business area of HID manufactures, designs, and implements physical and mobile identity solutions for government to citizen programs around the globe. Citizen ID has some 450 employees with manufacturing facilities in Ireland, Malta and the US. Sales in 2023 amounted to about SEK 1,300 M.
"I find it very satisfying that with TOPPAN, Citizen ID and its employees and customers get a committed long-term owner, creating new opportunities for the future and I wish them every success,” says Nico Delvaux, President and CEO of ASSA ABLOY.
“Over the past decade, our team has created a highly reputable offering of physical and digital citizen identity solutions,” said Björn Lidefelt, EVP and Head of HID.
“I am pleased with the improved performance of our Citizen ID business, appreciative of our employees’ contributions to HID and enthusiastic about their future success with TOPPAN.”
The transaction will have a positive effect on ASSA ABLOY´s operating margin going forward. The capital result before taxes is expected to be insignificant.
The transaction is subject to customary closing conditions, regulatory approvals, and employee consultation and is expected to close during the first quarter of 2025.
For more information, please contact:
Nico Delvaux, President and CEO, tel. no: +46 8 506 485 82
Erik Pieder, CFO and Executive Vice President, tel. no: +46 8 506 485 72
Björn Tibell, Head of Investor Relations, tel. no: +46 70 275 67 68
About ASSA ABLOY
The ASSA ABLOY Group is the global leader in access solutions. The Group operates worldwide with 61,000 employees and sales of SEK 141 billion. The Group has leading positions in areas such as efficient door openings, trusted identities and entrance automation. ASSA ABLOY's innovations enable safe, secure and convenient access to physical and digital places. Every day, we help billions of people experience a more open world.