The Carlyle Group Purchases Tyco’s South Korean Security Arm for $1.93B
WASHINGTON – Tyco Int’l plans to sell its South Korean fire and security business to private equity firm The Carlyle Group for $1.93 billion.
Based in Seoul, Tyco Fire & Security Services Korea Co. Ltd. And its subsidiaries make up ADT Korea, which serves roughly 475,000 small-and-medium-sized businesses, commercial and residential customers. The firm provides central monitoring services, with video surveillance and dispatch, access control and other customized security solutions as well as guarding services, according to a Tyco press release.
The organization, which has 7,500 employees and 69 branches, is expected to generate $600 million in revenue for fiscal 2014.
“ADT Korea is a highly stable and profitable business with attractive market positioning, strong brand power and excellent cash flow profile,” says Sanghyun Lee, managing director on the Carlyle Asia Buyout team. “We believe the Korean security services industry is under-penetrated, and growing awareness and needs for safety will anchor significant growth in the future.”
The deal is expected to close in Tyco’s fiscal third quarter, the Associated Press reports.
Tyco Int’l also announced that its board approved of an additional $1.75 billion in stock buybacks, bringing its total repurchase program to $2 billion.
If you enjoyed this article and want to receive more valuable industry content like this, click here to sign up for our FREE digital newsletters!
Related Content
Security Is Our Business, Too
For professionals who recommend, buy and install all types of electronic security equipment, a free subscription to Commercial Integrator + Security Sales & Integration is like having a consultant on call. You’ll find an ideal balance of technology and business coverage, with installation tips and techniques for products and updates on how to add to your bottom line.
A FREE subscription to the top resource for security and integration industry will prove to be invaluable.
