Legrand (Euronext: LR) has finalized an agreement to acquire a 60.09% majority stake in Cogelec (Euronext Growth: ALLEC), the French wireless intercom and access control specialist, at a cash price of €29 per share, excluding the 2024 dividend. The share purchase agreement, signed on July 31, 2025, grants Legrand indirect control over Cogelec through its acquisition of Cogelec Développement, the holding entity jointly owned by company executives and investment firm Raise Investissement.
This strategic transaction follows a put option agreement signed on July 9, 2025, and received unanimous backing from Cogelec’s social and economic committee on July 16. The deal, subject to antitrust approval, paves the way for a full acquisition, including a mandatory simplified tender offer and potential squeeze-out in accordance with French securities law.
What are the conditions and timeline for Legrand’s full acquisition of Cogelec?
Although most procedural requirements have been fulfilled, the final closing is contingent on regulatory approval by the French Competition Authority. Once cleared, Legrand intends to launch a mandatory tender offer for all remaining Cogelec shares at the same €29-per-share price. Should the post-offer shareholding exceed the legal threshold, Legrand will pursue a squeeze-out procedure to acquire 100% ownership.
Market observers expect the full transaction, including the public offer and delisting process, to be initiated in the last quarter of 2025. This timeline aligns with Legrand’s broader M&A-driven strategy to consolidate high-growth, innovation-led assets in building infrastructure and digital controls.
How does Cogelec fit into Legrand’s smart infrastructure and recurring revenue strategy?
Cogelec has emerged as a niche leader in wireless access control technologies, particularly through its flagship brand Intratone. Launched in 2007, Intratone was Europe’s first wireless interphone solution delivered via a subscription-based model. The system combines cloud-based access management, secure authentication, and remote building entry for social housing and managed apartment complexes.
As of mid-2025, Cogelec’s subscriber base spans more than 2.6 million dwellings across six European countries. The firm’s growth has been underpinned by its indirect sales model and long-term partnerships with public housing providers and residential property managers.
Legrand’s acquisition of Cogelec strengthens its smart building portfolio while boosting its footprint in digital access management. Analysts noted that Intratone’s subscription revenue structure aligns with Legrand’s shift toward lifecycle-based product strategies, adding predictable cash flow and cross-sell potential across energy management, data centers, and lighting control.
Why does Legrand see value at €29 per share for Cogelec?
The acquisition price of €29 per share reflects a premium over Cogelec’s pre-announcement trading levels and values the 60.09% stake at approximately €155 million. While Cogelec’s full market capitalization is subject to share fluctuations, the deal signals Legrand’s confidence in the target’s medium-term earnings visibility and strategic value.
According to institutional sentiment tracked post-announcement, investors welcomed the move, viewing it as accretive to Legrand’s margin profile and complementary to its connected device strategy. Cogelec’s market position, especially in France and Germany, offers cross-border scalability for Legrand’s broader product suite, including digital panels, home automation, and IoT-enabled controls.
The transaction also reflects investor appetite for high-growth, high-recurring-revenue companies, even within traditionally hardware-dominated verticals like electrical infrastructure.
What is Cogelec’s position in the European access control market?
Cogelec’s business model is rooted in replacing legacy wired intercom systems with wireless, remotely managed alternatives. Its success in social housing stems from cost-effective installation, cloud-based service upgrades, and minimal ongoing maintenance for landlords.
Its listing on Euronext Growth Paris and inclusion in indices like Tech Croissance and PEA-PME 150 underscore its status as a fast-growth tech-adjacent SME. While Cogelec has yet to enter North America or Asia, analysts expect that Legrand’s global channel network could help scale Intratone to additional markets over time.
The acquisition also comes at a time when demand for secure, tenant-friendly access control is rising across Europe’s aging housing stock, driven by digitization mandates and post-COVID property management needs.
What are Legrand’s broader M&A goals in building digitization and energy infrastructure?
Legrand’s 2024 revenue stood at €8.6 billion, supported by its presence in over 90 countries and a robust product ecosystem covering electrical distribution, network cabling, connected lighting, EV charging, and smart home solutions. With inclusion in indices such as CAC 40, CAC 40 ESG, and CAC Transition Climat, the company remains a benchmark for sustainability-led innovation.
Acquisitions like Cogelec follow a pattern of small-to-mid-sized strategic buys that expand Legrand’s digital value chain. In recent years, Legrand has targeted data centers, energy transition assets, and software-enabled infrastructure to future-proof its offering.
Institutional investors interpret the Cogelec deal as an extension of that strategy—enhancing Legrand’s installed base and opening new service revenue channels in residential building tech.
What is the future outlook for Cogelec post-acquisition?
Assuming timely regulatory clearance and successful tender offer execution, Legrand could take Cogelec private in early 2026. In such a scenario, Cogelec’s operations would likely be integrated into Legrand’s residential systems division, with brand continuity maintained in the short term.
Longer-term developments may include platform integrations with other Legrand products, upgrades to subscription plans, and broader geographic expansion through Legrand’s global presence.
Analysts believe that while Cogelec’s standalone growth would have been limited by capital and scale, as part of Legrand, its Intratone platform could gain competitive edge in emerging markets where digitized residential infrastructure is still in early stages.
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