Otis Receives CNMV Approval of Voluntary Public Tender Offer for Remaining Interest in Zardoya Otis

FARMINGTON, Conn., March 1, 2022 – Otis Worldwide Corp. (NYSE: OTIS) today announced it has received approval from the Spanish National Securities Exchange Commission (“CNMV”) for the voluntary public tender offer made by its wholly-owned subsidiary Opal Spanish Holdings, S.A. (“OSH”), to acquire the remaining 49.98% interest in Zardoya Otis, S.A. (“ZOSA”) not currently owned by Otis. The price of the offer is 7.07 Euros per share in cash. Otis plans to publish the regulatory announcement of the tender in the listing bulletins of the Spanish stock exchanges today. As such, the acceptance period is expected to begin on March 2 and to end on April 1.

The transaction is structured as an all-cash voluntary tender offer. Otis intends to acquire all of the shares it does not currently own of ZOSA through OSH to delist ZOSA from the Madrid, Barcelona, Bilbao and Valencia Stock exchanges. The tender offer is subject in its entirety to the terms set forth in the prospectus, which is available on the CNMV’s website.

About Otis

Otis is the world's leading elevator and escalator manufacturing, installation and service company. We move 2 billion people a day and maintain more than 2.1 million customer units worldwide, the industry's largest Service portfolio. Headquartered in Connecticut, USA, Otis is 70,000 people strong, including 41,000 field professionals, all committed to meeting the diverse needs of our customers and passengers in more than 200 countries and territories worldwide. For more information, visit www.otis.com and follow us on LinkedIn, Instagram, Facebook  and Twitter @OtisElevatorCo.

Cautionary Statement

This release includes statements related to anticipated earnings, cash flow and dividends that constitute "forward-looking statements" under the securities laws. All forward-looking statements involve risks, uncertainties and assumptions that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Risks and uncertainties include whether Zardoya Otis shareholders will tender their shares in the transaction and the possibility that the proposed transaction will not be completed on the contemplated terms or timeline. The above list of factors is not exhaustive or necessarily in order of importance. For additional information on identifying factors that may cause actual results to vary from those stated in forward-looking statements, see the reports of Otis on Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC from time to time. Any forward-looking statement speaks only as of the date on which it is made, and Otis assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.