(0044) 20-82749183 - info@columbusequityfunds.com
Columbus Investment Partners
  • Home
  • Product
  • Team
  • Insights
  • How to invest
  • Contact
  • Español
  • Menu

Zardoya-Otis Takeover – Effect on Columbus fund

Monthly reports
On Thursday 23rd September Otis Worldwide announced its intention to acquire the outstanding shares of its Spanish subsidiary, Zardoya Otis at a 31% premium to the prior close. This marks the third takeover announcement for a holding in the Columbus fund in as many months. As for the other recent takeovers, Akka Technologies and Zooplus, we are sorry to lose our holding in the business but encouraged that others identify the value that we see.
Otis Worldwide, the $37bn US listed parent holds 51.01% of Zardoya’s shares having originally invested almost 50 years ago. A full takeover has been rumoured for many years but became more likely after Otis was spun out of United Technologies last year.
Zardoya Otis was a relatively recent purchase (May 2021) for the Columbus fund as we felt the stability and visibility of the business was far from reflected in the share price. Indeed even after the 30% premium offered by OTIS the shares still trade at a discount to the peer group (15.5 EV/Ebitda 21 vs. 18.8 EV/Ebitda average for Otis Worlwide, Kone, and Schindler)  However, since Otis already held the majority there is unlikely to be a competing bid to provide a fuller valuation for shareholders.
4 October, 2021/by administrator
Tags: Columbus Fund, European mid-cap equity, takeover, Zardoya Otis
Share this entry
  • Share on Facebook
  • Share on Twitter
  • Share on Linkedin
  • Share by Mail
https://columbusequityfunds.com/wp-content/uploads/zardoya-otis.png 485 663 administrator https://columbusequityfunds.com/wp-content/uploads/2018/08/logo.png administrator2021-10-04 07:25:002021-09-30 09:45:38Zardoya-Otis Takeover - Effect on Columbus fund
You might also like
Report November 2021
Report August 2021
Report January 2021
Report October 2020
Global Dominion Access - Holding Update
Report December 2021
Annualized return Columbus European Mid-Cap Fund Benchmark
3 years 6,86% -3,56%
5 years 4,61% -4,33%
7 years 3,78% -3,95%
10 years 9,14% 2,04%
Since inception 7,01% -2,42%
1 Fecha
Fecha precio cierre Data as of 30/04/2022

Latest news

  • Report March 202220 April, 2022 - 6:46 pm
  • september-factsheet-graphReport February 202214 March, 2022 - 2:42 pm
  • Report January 202222 February, 2022 - 3:19 pm

Columbus Investment Partners Ltd is an appointed representative of Alternatives St James LLP which is authorised and regulated by the Financial Conduct Authority

101 Lonsdale Road, SW13 9DA

London

info@columbusequityfunds.com

(0044) 20-82749183

© Copyright – Columbus – Redesigned by iDen Global.
Disclaimer – Privacy Policy
National Express/Stagecoach Merger – Effect on Columbus fund Report September 2021
Scroll to top

This site uses cookies to improve the user experience and to know the traffic of the web page.
Este sitio utiliza cookies para mejorar la experiencia de usuario y conocer el tráfico de la página web.

Agree / AceptoMore info / Saber más

Dynamic title for modals

Are you sure?

Please confirm deletion. There is no undo!