Tyco Unit to Buy Scott Technologies For $400 Million

Tyco International

(TYC)

said Monday one of its subsidiaries has agreed to acquire

Scott Technologies

(SCTT)

, a manufacturer of life-support and respiratory products, for about $400 million.

According to the terms of the merger deal, Scott shareholders will get $23 worth of Tyco shares for each of their shares. The exact number of Tyco shares will be determined later. Scott shares were down 63 cents, or 2.7%, to $22.75 in

Nasdaq

trading Monday. Tyco shares were up $1.50, or 2.5%, to $61.78 on the

New York Stock Exchange

.

Tyco said the deal, which is awaiting regulatory and shareholder approval, will add "significant recurring revenue" to its Tyco Fire & Security services subsidiary.