Otis Worldwide Corp., the Farmington-based elevator manufacturer, announced this week it has finalized an agreement to purchase Madrid-based Zardoya Otis, a company it already had a partial stake in.
Otis announced Tuesday that its subsidiary, Opal Spanish Holdings, reached an agreement to fully purchase Zardoya Otis in a deal valued at 3.39 billion euros.
The deal, which is still subject to Spanish Securities Exchange Commission approval, is expected to close in the second quarter of 2022.
Otis originally announced the deal in September, saying it planned to purchase the remaining 49.99% of Zardoya, which is an elevator equipment and service business with operations in Spain, Portugal and Morocco.
