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Carlyle enters exclusive talks for Tyco’s $2bn-valued South Korea security unit

26 Feb 2014

big-brother-security-camera-CCTVUS buyout giant Carlyle has reportedly entered exclusive talks to buy Tyco International’s South Korean security systems unit ADT Caps at a valuation of about $2bn.

Carlyle was among a string of private equity houses said to be interested in the assets last month, including KKR, Bain Capital and IMM PE.

Reuters reported the updated news, citing two sources. ADT provides security guards and defence systems as well as fire detectors and extinguishers.

Bain had partnered with South Korean private equity firm Hahn & Co to bid for the unit, while Standard Chartered’s private equity arm and Affinity Equity Partners were also thought to be considering making offers.

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.

Tyco had EBITDA of about $160m at the end of September 2013.

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