FAAC to acquire TIBA Parking Systems from TENE Capital and Afcon Technologies for $135m.

FAAC, an Italian automation and vehicle and pedestrian access control company, is set to acquire TIBA Parking Systems, a company that provides innovative hardware and software solutions for the parking market, from TENE Capital, an Israeli private equity fund, and Afcon Technologies, a company that manufactures electronic equipment and offers electrical contracting services, for $135m. The transaction is subject to the usual closing conditions and the closing of the transaction is expected by mid-January 2021. "The acquisition of TIBA has a significant value for us, as it allows to intensify investments in a business segment which is in our view strategic as it will enable us to strengthen our position in the largest and most profitable market in the world. This will allow us to rebalance in our portfolio the centrality of the historical business of access automation and mature European markets. Important synergies have already been identified in the short and medium term which are very significant from a commercial, operational and product point of view," Andrea Marcellan, FAAC CEO.