Carlyle in exclusive talks to buy Tyco’s S Korean unit ADT Caps
26 Feb 2014
US private equity firm Carlyle Group is in exclusive talks to buy Tyco International Inc's South Korean security systems unit, which has a value of around $2 billion, Reuters reported citing two unidentified sources.
Tyco, a $100-billion Swiss security systems company, which has its US operational headquarters in New Jersey, had put its subsidiary ADT Caps for sale last year.
Reuters had earlier reported that private equity firms including Affinity Equity Partners, Bain Capital, Carlyle Group, KKR and South Korea's MBK Partners, had tabled bids.
Based in Seoul, ADT Caps offers central monitoring systems, access control, video surveillance, and other integrated security systems.
ADT Caps had earnings before interest, depreciation and amortisation of $160 million as of end September 2013, the report said.
A successful deal would be the second large private equity transaction in South Korea this year, after Anheuser-Busch InBev bought back Oriental Brewery from KKR & Co and Affinity's $5.8 billion. (See: Anheuser-Busch InBev buys back S Korea's Oriental Brewery for $5.8 bn)
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