Diebold to sell North American electronic security business in $350m deal
Securitas AB, an $8 billion Stockholm-based global provider of security services and solutions, has agreed to acquire the business in a transaction with a purchase price of $350 million.
Ten percent of the price is contingent on successful transference of certain customer relationships to Securitas. The sale is subject to regulatory approvals, customary closing conditions and working capital adjustments, and is expected to be completed during the first quarter 2016.
The two companies have also agreed to a strategic business alliance in which Securitas will serve as Diebold's preferred supplier for electronic security solutions in North America.
This will help ensure a seamless transition for Diebold's electronic security customers, as well as drive further security innovation and services for the industries in which both companies operate. ■