NEW YORK ( TheStreet) -- Tyco International (TYC - Get Report) said it would separate into three publicly traded companies -- security business ADT North America, flow control products and services, and a commercial fire and security business.
Tyco, in a statement Monday, said it would issue tax-free stock dividends of the ADT and flow control businesses to Tyco shareholders. Tyco shareholders would then own 100% of the equity in each of the three publicly traded companies.
Tyco said it expects the transaction to be completed in about 12 months.
The company said Monday that one-time transaction costs are expected to total about $700 million, largely from debt refinancing, separation and restructuring costs.
-- Written by Joseph Woelfel
>To contact the writer of this article, click here: Joseph Woelfel
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts