ZURICH (Reuters) - Global investment company The Carlyle Group (NASDAQ:CG) has agreed to buy the Acrotec Group, which supplies the watch and medical technology industries, from Castik Capital for an undisclosed sum, it said on Monday.
The transaction is subject to regulatory approvals and is expected to close in the first quarter of 2021, Carlyle said in a statement, adding it would support Acrotec's growth through the development of its existing platform and acquisitions.
Reuters reported in October that Castik Capital was readying Acrotec for a sale worth up to 950 million Swiss francs ($1.07 billion) including debt.
Acrotec supplies high-precision industrial applications to the watchmaking and medtech industries, as well as to the electronics, aerospace and auto sectors. It employs around 1,200 people.
The partnership will leverage Carlyle's healthcare expertise and network, seeking to broaden Acrotec’s MedTech business with expansion into new services and geographies in Europe and in the United States, Carlyle said.
It said equity for the investment would be provided by Carlyle Europe Partners, without giving further details of the transaction.
($1 = 0.8895 Swiss francs)