Canon Bidding $2.83 Billion for Swedish Maker of Network Video Surveillance Axis
February 10, 2015 – Canon Inc. of Japan is seeking to acquire network video-surveillance maker Axis Communications of Sweden for some $2.83 billion (23.6 billion Swedish crown), which would be the largest purchase ever for Canon Inc.
Canon is bidding buy all of Axix’s shares at 340 Swedish crowns each. The Axis board of directors has unanimously supported the offer, and three of its top shareholders representing around 40 percent of total shares will accept it.
Once acquired, Axis will remain separate within Canon, and its current management team will remain, as will the Axis brand name.
Worldwide, Axis has more than 65,000 partners in more than 179 countries, 1,627 employees in more than 40 countries, and distributors in 70 countries. Its network video-surveillance products are installed in public places and areas such as retail chains, airports, trains, motorways, universities, prisons, casinos, and banks.
Canon says the combination of its optical and imaging technologies and Axis’s network image processing technology will enable both companies to offer innovative network-video solutions, and, by using Canon’s research and development capabilities and manufacturing technologies, Axis will be able to boost product competitiveness. It also notes that Canon and Axis each own intellectual property in different technology fields. Together, it says the combined intellectual property portfolio will be strengthened across a broad area of technologies, allowing leveraged product development which will contribute to an increased ability to introduce new and innovative products and services to the market.
Canon says it’ll also be able to add Axis’s distribution and service channels for network-system products.
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