Tyco to sell South Korean security business to Carlyle for $1.93B

Tyco International entered into a Stock Purchase Agreement to sell 100% of its South Korean security business, Tyco Fire & Security Services Korea Co. Ltd., to an affiliate of The Carlyle Group for $1.93 billion. The sale is expected to close in Q3 fiscal 2014 and Tyco expects to recognize a gain.

“Tyco Far East Holdings Ltd., a wholly-owned subsidiary of Tyco, entered into a Stock Purchase Agreement with an affiliate of The Carlyle Group for the sale of Tyco Fire & Security Services Korea Co. Ltd. and its subsidiaries that form and operate the Company’s South Korean security business. Pursuant to the Stock Purchase Agreement, Tyco will sell 100% of the issued and outstanding capital stock of Tyco Fire & Security Services Korea Co. Ltd. for a purchase price of $1.93 billion, subject to customary adjustments.”

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