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
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