In this Research Note, we examine what’s behind Legrand’s agreement to acquire a majority stake in Cogelec, a French specialist in access control. We explore the transaction details, Cogelec’s business model and current offerings, Legrand’s door entry systems, and the strategic rationale of the acquisition. Transaction Details On 9th July 2025, Legrand and Cogelec announced the signing of an agreement on the acquisition of Cogelec, specializing in access control in buildings, with revenue of €74 million in 2024. More specifically, Legrand France and the managers of the Cogelec group and Raise Investissement, shareholders of Cogelec Développement, have signed a put option agreement, in favour of the latter, along with an exclusivity in favour of Legrand France, to acquire all of the shares of Cogelec Développement. They indirectly hold 5,347,065 Cogelec shares, representing a total of 60.09% of the share capital and 78.39% of the voting rights of Cogelec, based on a price of €29 per Cogelec share (ex-dividend 2024). The […]