DGAP-Adhoc: ISRA VISION CEO Enis Ersü initiates succession plan by forming a strategic partnership with Atlas Copco

ISRA VISION CEO Enis Ersü initiates succession plan by forming a strategic
partnership with Atlas Copco

Darmstadt, Germany, February 10, 2020: ISRA VISION AG (ISIN: DE 0005488100), the SDAX Machine Vision company and one of the world's leading providers of surface inspection solutions and 3D machine vision, and the Swedish-listed global industrial group Atlas Copco have signed a Business Combination Agreement (BCA) to enter into a strategic partnership. With the BCA, ISRA and Atlas Copco agreed on important cornerstones of the partnership that secure the interests of customers and employees of ISRA. In the context of this strategic partnership, Atlas Copco will launch a voluntary public tender offer of EUR 50.00 per ISRA share in cash. The offer price represents a premium of approx. 29 percent on the volume-weighted three-month average share price prior to the announcement and a premium of approx. 43 percent on the closing share price of February 7, 2020. Enis Ersü and further management and Supervisory Board members of ISRA, representing approx. 29 percent of shares in ISRA, have signed irrevocable undertakings to tender their shares. Overall, Atlas Copco has secured approx. 35 percent of all outstanding ISRA shares via irrevocable undertakings and a share purchase agreement with an institutional investor. Upon completion of the public tender offer a delisting offer is planned to follow. 

Machine vision is a key technology that enables customers across industries to digitalize production and part of Atlas Copco's long-term strategy. Atlas Copco is headquartered in Stockholm with customers in more than 180 countries and about 39,000 employees. In 2019, Atlas Copco achieved revenues of 104 bn. SEK (approx. 10 bn. EUR). The Group has been present in Germany for more than 65 years and has successfully integrated many companies in Germany and around the globe. ISRA will become the nucleus of a new division in Atlas Copco's business area Industrial Technique, which provides industrial automation systems and solutions, quality assurance products and industrial software through a global network.

The offer consideration of EUR 50.00 per share in cash represents a premium of approx.
29 percent on the volume-weighted three-month average share price prior to the announcement, a premium of approx. 43 percent on the closing share price of February 7, 2020 and an EV/EBIT multiple of approx. 33x based on ISRA VISION's reported 2018/2019 EBIT. The offer has the full support from both the Management Board and the Supervisory Board of ISRA. The offer will not contain a minimum acceptance threshold, as Atlas Copco does not intend to enter into a domination agreement. Following the tender offer, it is planned to launch a delisting offer, which is supported by ISRA's Management and which does not require any minimum shareholding thresholds under German law.

For more information about the offer, see the deal website: www.technology-offer.com.

Contact 

ISRA VISION AG
Industriestraße 14
64297 Darmstadt
Germany

Tel.: +49 (0) 6151 948 - 0
Fax: +49 (0) 6151 948 - 140
Internet: www.isravision.com

Investor Relations
E-Mail: [email protected]

Susanne Becht
Tel.: +49 (0) 6151 948 - 212
Melanie Böttcher
Tel.: +49 (0) 6151 948 - 209