EDISON INT’L SELLS EDISON SELECT TO ADT SECURITY SERVICES INC.
Edison Int’l has entered into an agreement to sell Edison Select, a wholly owned subsidiary of Edison Enterprises and Edison Int’l, to ADT Security Services Inc., a unit of Tyco Int’l Ltd. Terms of the agreement were not disclosed.
Proceeds from the sale will be used to pay down debt maturing in 2001 at Edison Int’l as part of a recently announced refinancing plan.
Edison Select, formed in 1996, provides unregulated services to predominantly residential customers through its two major business lines, Edison Security and Edison OnCall. Edison Security, formed in 1997, is one of the largest providers of residential security services in Southern California, and is currently the sixth-largest residential alarm monitoring company in the United States.
Edison OnCall provides residential electrical warranty repair services. Edison Select generated annual revenues of approximately $154 million at year-end 2000.
Significant operational improvements at Edison Select in recent years have positioned the company to be an attractive addition to ADT’s customer base. The sale of Edison Select also complements Edison International’s long-term strategy of focusing on energy related markets.
The transaction is targeted for completion by mid-August.
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