EyeLock likely to be sold to Avalon Park Int’l and Kahli Holding AG
Plans are afoot for a possible takeover of the majority stake in EyeLock Inc, a subsidiary company of Voxx International Corporation specialized in iris biometric authentication solutions.
Avalon Park International announced in a news release that it has – alongside Kahli Holding AG – entered into a standstill agreement with Voxx International Corporation, the parent company of Eyelock for what it said is “a comprehensive assessment” of the company ahead of the expected acquisition of the biometrics provider.
The agreement, as per the announcement, entails Beat Kahli, the founder of Kahli Holding AG, and related affiliates submitting an Indication of Interest to potentially acquire a majority stake in EyeLock, whereby Voxx would remain a substantial shareholder, preserving a future upside for Voxx and its shareholders.
The agreement further specifies that Kahli and his representatives will not trade Voxx securities during the standstill period; and Kahli, through the entities under his control, is the largest shareholder with over 20 percent in Voxx’s Class A common shares, which is approximately 4.4 million shares, according to the news release.
Beat Kahli made his fortune in Florida real estate development, and increased his stake in Voxx this year as another of its subsidiaries, audio technology retailer Klipsch, recorded banner sales during COVID-19 lockdowns.