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NewswireToday - /newswire/ -
Sydney, New South Wales, Australia, 03/07/2011 - Transaction brings together Signature Security with Tyco’s ADT Security business, expanding and strengthening service delivery to the Australian and New Zealand security industry.
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Schaffhausen, Switzerland and Sydney, Australia February 24, 2011: Tyco International Ltd. (NYSE: TYC) and Oceania Capital Partners Limited (ASX: OCP) today announced an agreement for Tyco to acquire OCP’s Signature Security Group for AU $171 million. The transaction is expected to close during the third quarter of Tyco’s fiscal year, which quarter begins on April 1, 2011. The transaction is subject to customary closing conditions.Tyco intends to combine Signature Security’s Australian and New Zealand operations with its ADT Security business under the ADT Security name.
Signature Security (adtsecurity.com.au) is a leading provider of electronic security services in Australia and New Zealand, providing security installation and monitoring services to more than 90,000 premises, with annualized revenue of approximately AU $80 million. ADT Security, part of Tyco’s security solutions business, is the world's largest electronic security provider with approximately 9 million customers around the world and annual revenue of more than US $7.7 billion.
"This acquisition provides us with the opportunity to strengthen ADT’s business in the Australian and New Zealand security markets while advancing our strategy for growth in the global security industry," said Ed Breen, Tyco Chairman and Chief Executive Officer. "Signature Security is an excellent strategic fit with our ADT business, providing us with increased scale and attractive operating synergies that will make this transaction quickly accretive."
According to Mark Norton, Managing Director, ADT Security, Australia, the Signature Security acquisition is ADT Security’s most significant transaction in Australia in many years, supporting a vision for long-term growth in what is a fragmented and highly competitive industry.
"I am excited about this acquisition. By combining Signature with ADT, we have an opportunity to broaden our sales, installation and service capabilities. ADT and Signature have highly complementary product and service offerings, strong sales organisations and a shared dedication to quality customer service," said Norton. "We expect this combination to result in an even more successful ADT, which is great news for our customers."Following transaction closure, our immediate focus will be on working towards a smooth collaborative integration which acknowledges the common values we share and each company’s unique strengths."
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