- 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.
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