Bewator Acquired by Siemens

Leading European security products provider Bewator was on the block on Wednesday and has moved to the hands of Siemens.

Bewator, which was formerly owned jointly EQT Finland, Melby Gard and other investors, will be moved entirely to industrial systems and integration leader Siemens. The Bewator company has been known largely for its access control products

"The ambition when EQT acquired Bewator was to create one of the leading European players in the field of access security," said EQT Partner's Fredrik Atting in a statement following the sale. "It is very satisfying to see that the potential EQT identified at the time of the acquisition has been realized and that Siemens, being a leading industrial player within the security area, share our view of the continued development potential."

The sale, which was handled by Lehman Brothers, is currently a pending agreement that requires approval from business competition authorities. Financial terms were not disclosed.