Tyco International, a diversified manufacturing and services company, and Sensormatic Electronics Corporation, a leading supplier of electronic security solutions to the retail, commercial and industrial marketplaces, have entered into a definitive agreement, pursuant to which a subsidiary of Tyco will acquire Sensormatic in a stock-for-stock transaction.
The transaction is valued at approximately $2,3 bn, including the assumption of $116m of net debt. Sensormatic shareholders will receive Tyco common shares valued at $24,00 for each share of Sensormatic. Sensormatic, which had revenues of $1,1 bn for its fiscal year ended 30 June, 2001, manufactures advanced lines of fully integrated electronic security products and systems, including electronic article surveillance (EAS) tagging for the retail industry and video and access control systems for a broad variety of commercial applications.
L. Dennis Kozlowski, Tyco's Chairman and Chief Executive Officer commented: "Sensormatic provides an excellent strategic fit with Tyco Fire and Security, by broadening and enhancing our product line." In joining Tyco Fire and Security, Sensormatic will become part of a distinguished family of leading brands, including ADT, SimplexGrinnell and Thorn Security. Tyco Fire and Security has a track record of successfully building its global leadership position in both security and fire protection through organic growth, recurring revenue bases and acquisitions.
Per-Olof Loof, President and CEO of Sensormatic commented: "This transaction provides outstanding value to our shareholders. Sensormatic's management and Board of Directors are excited by the new growth opportunities of our product lines through Tyco Fire and Security's sales and distribution infrastructure."
For further details contact DNA Sensormatic on tel: (021) 559 4425.
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