India, June 12 -- Allegion plc (ALLE), through one of its subsidiaries, has signed a definitive agreement to acquire ELATEC, including Elatec GmbH and other group entities, from Summit Partners for 330 million euros on a cash-free, debt-free basis. ELATEC is a manufacturer of security and access technology specializing in RFID credentials and readers solutions designed in Germany and sold globally.
Allegion plc expects ELATEC to generate approximately 60 million euros-65 million euros in net sales in 2026 and be accretive to 2026 adjusted earnings per share.
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