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March 3, 2014 /PRNewswire/ -- Tyco (NYSE: TYC) today announced that it has signed a definitive agreement to sell
Tyco Fire & Security Services Korea Co. Ltd. and its subsidiaries (ADT Caps Co., Ltd., Capstec Co., Ltd. and ADT Security Co., Ltd.) that form and operate the Company's South Korean security business ("ADT Korea") to The Carlyle Group (NASDAQ: CG), in a cash transaction valued at approximately
$1.93 billion. The transaction is expected to close in Tyco's fiscal third quarter of 2014, subject to customary closing conditions including required regulatory approval.
ADT Korea is a leading provider of advanced security solutions in
South Korea, serving approximately 475,000 small-and-medium-sized businesses, commercial and residential customers. The business provides central monitoring services, with video surveillance and dispatch, access control and other customized security solutions as well as guarding services. The business is headquartered in
Seoul, South Korea, with approximately 7,500 employees and a nationwide network that includes 69 branches.
"We are pleased to announce the sale of ADT Korea in a transaction that provides value to our shareholders," said
George Oliver, Tyco's Chief Executive Officer. "While ADT Korea is healthy and profitable, this transaction represented a unique opportunity to realize the value generated in the business over time and redeploy it to further enhance our portfolio and maximize shareholder value. We continue to execute on our three year strategy which positions us to deliver a 15% earnings per share CAGR in fiscal 2015."
"ADT Korea is a leader in the South Korean market, with a strong management team and highly dedicated employees. We thank them for their contributions to Tyco and know they will continue to thrive within The Carlyle Group."