Euro-Syns Agrees To Tender Full Zardoya Otis Stake To Otis' Offer

Otis Worldwide Corp OTIS subsidiary inked an agreement for Euro-Syns, S.A. to voluntary tender stake in Zardoya Otis, S.A. at an offer price of €7.14 (€7.07 after adjusting for announced dividends).
The offer price pre-dividends of €7.21 represents a premium of 33% to Zardoya Otis's one-month volume-weighted average price as of September 23, implying a total equity value of €3.39 billion.
Related Content: Otis To Buyout Interest In Zardoya Otis
The transaction is an all-cash voluntary tender offer and will delist Zardoya Otis from the Madrid, Barcelona, Bilbao, and Valencia Stock exchanges and is expected to close in 2Q22.
Otis expects the transaction to be up to mid-single-digit percentage accretive to its adjusted EPS starting 2023 and FY22 EPS accretion to be in a range of 3 to 5 cents.
Otis obtained permanent debt financing for the transaction on November 12, 2021.
Price Action: OTIS shares are trading higher by 2.13% at $84.08 on the last check on Tuesday.