Tyco Unit to Buy Scott Technologies For $400 Million
Tyco International
(TYC)
said Monday one of its subsidiaries has agreed to acquire
Scott Technologies
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, a manufacturer of life-support and respiratory products, for about $400 million.
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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.
