Tyco International Ltd. (TYC) said it has agreed to buy an
Australian security business from investment firm Oceania Capital
Partners Ltd. (OCP.AU) for A$171 million in Australian dollars, a
roughly equal amount in U.S. currency.
The deal would expand Tyco's ADT Security business, the world's
largest electronic security provider with about 9 million
customers. Tyco has been selling businesses and adding units
lately, reshaping itself from a diversified manufacturer to a more
services-oriented company.
The target, Signature Security Group, is the largest
Australian-owned electronic security company in Australia and New
Zealand. For its latest fiscal year, which ended in June, earnings
before income taxes rose 4.3% as revenue climbed 7.8% to A$80.2
million, according to Oceania's website.
Tyco expects the deal to close in its fiscal third quarter,
which starts April 1.
Tyco shares closed Tuesday at $46.16 and were inactive
premarket. The stock had gained 31% in the past year.
-By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240;
matthew.jarzemsky@dowjones.com
