---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-21-032145"
form_type: "8-K"
ticker: "OTIS"
cik: "0001781335"
company_name: "Otis Worldwide Corp"
filed_at: "2021-09-23T23:59:59+00:00"
generated_at: "2026-06-29T01:50:24.903652+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001140361-21-032145
- form_type: 8-K
- ticker: OTIS
- cik: 0001781335
- company_name: Otis Worldwide Corp
- filed_at: 2021-09-23T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1781335/000114036121032145/0001140361-21-032145-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1781335/000114036121032145/ny20000774x1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-21-032145
- JSON: https://secwatch.observer/filing/0001140361-21-032145.json
- Plain text: https://secwatch.observer/filing/0001140361-21-032145.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.