Tyco Intl. sells South Korean security business to Carlyle
The company said its board had approved an additional share repurchase program of $1.75 billion, increasing the total authorization to $2 billion.
Tyco put ADT Korea up for sale last year, attracting bids from Affinity Equity Partners, Bain Capital, KKR & C, and South Korea's MBK Partners as well as Carlyle, Reuters previously reported.
ADT Korea offers central monitoring, access control, video surveillance control and other integrated security services, Tyco said, adding that the transaction was expected to close in the second quarter.
Tyco said it cut its second-quarter profit forecast to 39-41 cents per share from its earlier forecast of 44-46 cents to reflect the sale of the business. Carlyle Group said it had secured committed debt financing from Korea Exchange Bank, Kookmin Bank, Industrial Bank of Korea, Korea Investment & Securities and UBS AG. ■