HEERENVEEN, Netherlands (BRAIN) Wednesday May 23 2012 8:47 AM MT—Accell Group N.V. has completed the purchase of all issued shares in Raleigh Cycle Limited, the company announced Wednesday.
The Dutch company said the acquisition was approved by authorities and all other conditions were taken care of before the closing Tuesday.
Accell announced last month that it had agreed to buy Raleigh for about $80 million.
It said Wednesday that Raleigh expects annual revenue of approximately 200 million euros ($253 million), with sales split between Europe (43 percent), North America (48 percent) and the rest of the world (9 percent). Across the globe, Raleigh sold approximately 850,000 bicycles in 2011.
Accell's turnover in 2011 amounted to 628.5 million euros ($795 million) and net profit came in at 40.3 million ($51 million) euros.
Accell Group shares are traded on the NYSE Euronext in Amsterdam and included in the Amsterdam Small Cap Index (AScX).