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Tyco International taps CVC, MBK, Carlyle for interest in Korean security unit

12 Nov 2013

fire flame burn heat energyA trio of private equity firms have reportedly been tapped up over potential bids for fire protection and security company Tyco International’s Korean security arm.

MBK Partners, Carlyle Group and CVC Capital Partners are said to have been approached over a deal according to the Wall Street Journal, which cited people familiar with the matter.

They said Tyco had only sent information memoranda to a few private equity firms as Tyco wanted to proceed with the sale quietly.

MBK has hired Goldman Sachs as an adviser, while neither Carlyle or CVC are believed to have sought advisers, the WSJ added.

Earlier this year CVC and MBK were linked with competing bids for ING Groep’s Korean life insurance operations.

That battle was won by MKB in August when it agreed a KRW1.84tn ($1.65bn) deal, which saw ING keep a 10 per cent stake in the business.

The transaction valued ING Life Korea at 9.2-times its fiscal 2012 earnings and 0.73-times its book value at the end of March 2013, both on a local Korean GAAP basis

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