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Bain Capital, KKR new names in $1.6bn Tyco Korean security arm bidding

9 Dec 2013

security cameraUS private equity majors Bain Capital and KKR are among a string of buyout firms which have reportedly made initial bids for the $1.6bn-valued South Korean security systems unit of Tyco International.

Affinity Equity Partners is also a new name in the bidding for ADT according to Reuters, which cited people familiar with the matter.

AltAssets reported last month that MBK Partners, Carlyle Group and CVC Capital Partners were interested in a deal, although Carlyle were not mentioned by Reuters in the latest story.

The Wall Street Journal said in November that Tyco had only sent information memoranda to a few private equity firms as it wanted to proceed with the sale quietly.

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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