Otis launches €7.00/share tender offer for remaining 49.99% of Zardoya Otis; expects Q2 2022 close

Otis Worldwide Corp

Offer price of €7.00/share in cash represents a 28.9% premium to Zardoya Otis' 1-month VWAP; total equity value €3.3B including Otis' existing stake.
Transaction financed with €1.65B bridge facility from Morgan Stanley; Otis plans to replace with permanent debt and repay $800M existing debt in 2022.
Expected to close in Q2 2022, subject to Spanish regulator (CNMV) approval; Otis intends to delist Zardoya Otis from Spanish exchanges.
Accretion: up to mid-single digit percentage to adjusted run-rate EPS; 2022 EPS accretion of 3-5 cents; up to $80M increase in cash for deployment.
Zardoya Otis generated €801M revenue and €223M EBITDA (28% margin) for 12 months ending May 2021; no significant employment changes expected.

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