Allegion (ALLE) said Thursday that it has agreed through a unit to acquire Elatec, a security and access technology manufacturer, from Summit Partners, for 330 million euros ($383.6 million) on a cash-free, debt-free basis.
Allegion said it plans to fund the acquisition, which is slated to be completed in Q3, with cash on hand and borrowings under its revolving credit facility.
Allegion said it expects Elatec to generate 60 million to 65 million euros in net sales in 2026 and to be accretive to 2026 adjusted EPS.
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