TEL AVIV, Israel, September 15, 2011 /PRNewswire/ --
Visonic's wireless
security technology to complement and broaden Tyco Security
Products' intrusion security portfolio
Visonic Ltd. (TASE: VSC.TA), a leading developer and
manufacturer of wireless home security and safety systems and
components, today announced that it has reached an agreement to be
acquired by Tyco International's (NYSE: TYC) Security Products
business unit for approximately $100
million in cash, representing approximately $2.26 per share.
The acquisition is intended to help expand both companies'
security technologies and products to new business and provide
access to new markets and significant growth opportunities. By
becoming part of Tyco, Visonic will be able to provide innovative
wireless technology and products to Tyco Security Products'
Intrusion business and enable both businesses to leverage the
strengths of their combined research & development and
manufacturing facilities.
The transaction has been approved by the Tyco and Visonic boards
of directors and is subject to customary closing conditions,
including the receipt of domestic and foreign regulatory approvals
and the approval of Visonic's stockholders. The transaction is
expected to close towards the end of 2011. Until then, Tyco
Security Products and Visonic will continue to operate as
independent businesses.
"Tyco Security Products recognized the value Visonic carries
with our wireless expertise and innovative PowerG products" said
Avi Barir, CEO of Visonic. "We are
enthusiastic about this acquisition and the opportunities it brings
to Visonic and to our partners. For many years we have practiced a
close and intimate relationship with our customers. We will
continue responding to the variety of customer needs arising from
different market segments, countries, languages and different
business cultures. Under the Tyco umbrella we will be able to offer
everything we do today and much more."
"The acquisition of Visonic will strengthen the technology
capabilities in our intrusion security portfolio and will enable us
to enhance the solutions we can offer to our commercial and
residential customers," said Mark
VanDover, President of Tyco Security Products. "Visonic is
an established leader in wireless security technology and its
strong presence in the European security market complements Tyco's
strength in the North American market."
After closing, Visonic will continue to exist as a company and
legal entity. The Visonic brand will join Tyco Security Products'
group of world-leading security products: DSC and Bentel in
the intrusion field; American Dynamics in video; Software House,
Kantech and CEM in access control; Sur-Gard in central station
communications and Connect24 for wireless communications.
Imperial Capital, LLC. served as the exclusive financial advisor
to Visonic Ltd. on the transaction.
http://www.imperialcaplital.com
About Visonic
The Visonic Group (TASE:VSC.TA), founded in 1973, is a leading
developer and manufacturer of cutting-edge home security systems
and components that provide people around the world peace of mind
and safety in their homes. Building on its decades-long position at
the forefront of home security innovation, Visonic is today leading
the drive to expand the boundaries of security, offering advanced
solutions to the full range of residential safety needs, from
securing the house and contents to safeguarding the health and
comfort of the people who live there. Visonic's offerings include a
wide variety of home security systems, personal emergency response
and safety systems, and a market-leading variety of peripherals.
Visonic is headquartered in Israel, where it operates a development center
and manufacturing plant. Its sales and marketing subsidiaries in
the USA, Germany, UK, Poland and Spain are supplemented by a worldwide network
of distributors, serving a growing installed base that spans around
100 countries.
For more information visit: http://www.visonic.com.
© 2011 Visonic Ltd., Ltd. All rights reserved. Visonic and
PowerMax are registered trademarks of Visonic Ltd. Visonic reserves
the right to change information or specifications without
notice.
Contact: Dalit Salman
Marketing Communication Manager
dalits@visonic.com
Tel: +972-3-6456751
Fax: +972-3-6456788