ASSA ABLOY intends to, through its subsidiary HID Global, purchase approximately 98.5% of the shares of French ID card printer and consumables manufacturer, Evolis.

HID has entered into a put option agreement with the shareholders of Cedys & Co for all of its Evolis shares — 84.4% — and voting rights, as well as Crédit Mutuel Innovation's of 14.0% of Evolis shares to HID. The two transactions would result in a combined purchase price of approximately €224.9 million for 98.5% of Evolis shares.

Once the initial share capital and voting rights acquisitions are completed, ASSA ABLOY would then launch a mandatory public tender offer shortly thereafter to acquire the 1.5% outstanding shares subject to the Evolis board of directors approval.

Evolis develops, manufactures and sells printers and software for card and credential personalization. Evolis has built a well-established global market position in the instant issuance of physical credentials including ID cards, access control badges, payment cards and other personalized credentials.

Established in 1999 and headquartered in Angers, France, Evolis currently employs 380 employees.

“I am looking forward to welcoming Evolis into the ASSA ABLOY Group," says Nico Delvaux, President and CEO of ASSA ABLOY. "Evolis would be a good technological addition to the ASSA ABLOY Group and would reinforce our current offering within the secure issuance business."

“It would be a pleasure to welcome Evolis to the HID family” says Björn Lidefelt, Executive Vice President and Head of Global Technologies business unit at HID Global. “Joining forces with a strong industry player like Evolis would enable us to better meet our customers’ needs and provides complementary growth opportunities across product, geographical and vertical market presence”.