BURNS TO MERGE, BECOME SUBSIDIARY OF SECURITAS
Burns Intl. Services Corp. and Securitas AB announce that they have signed a definitive merger agreement in which Securitas will acquire all of the outstanding shares of Burns. Securitas is a Swedish corporation providing security services worldwide. In the United States, Securitas provides services through its Pinkerton subsidiary. Pursuant to the agreement, Securitas will pay $21.50 per share for each outstanding share of Burns common stock. Including debt and other financial obligations, the transaction has a total value of approximately $650 million. As a result of the transaction, Burns will become a wholly owned subsidiary of Securitas.
John A. Edwardson, chairman and CEO of Burns, says, “I am pleased that Burns will be joining the world’s largest security organization. This provides our customers unparalleled access to the best security services in the world, and offers our employees exceptional career growth opportunities.” Thomas Berglund, president and CEO of Securitas, adds, ” … the acquisition of Burns will give us an excellent position from which to lead the development of the American security market.” Securitas is a 66-year-old security company with annual revenues of approximately $4 billion.
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