Allegion to acquire elatec, bolstering electronics portfolio with leader in reader and credential technology

Dublin--(business wire)--allegion plc (nyse: alle), a leading global security products and solutions provider, through one of its subsidiaries, has signed a definitive agreement to acquire elatec, including elatec gmbh and other group entities, ("elatec") from summit partners for €330 million on a cash-free, debt-free basis. allegion expects to fund the acquisition through a combination of cash on hand and borrowings under its existing revolving credit facility. elatec is a leading manufacturer.
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