Wednesday morning, property services company FirstService Corporation (FSRV,FSV.TO) said that it has closed the sale of its integrated security division, FirstService Security to Tyco International (TYC) unit ADT Security for $187 million.
Under the terms of the deal, announced earlier on April 14, ADT acquired 100% of the shares of FirstService Security from FirstService for cash and will continue to operate the business under the direction of the current senior management team.
FirstService Security operates under the Intercon Security brand name in Canada and Security Services & Technologies ("SST") in the United States. The board of directors of both companies had approved the transaction.
The company said net proceeds after taxes, transaction costs, and amounts due to minority shareholder partners, would be about US$140 million. FirstService will utilize the proceeds, together with existing funds and available capital, to drive global growth in its three core service platforms -- commercial real estate, residential property management and property improvement services.
The divestiture of the security platform, combined with existing financial resources, is expected to provide FirstService with access to over US$350 million in cash and available funds for future acquisitions.
William Blair & Company acted as financial advisor to FirstService in connection with the divestiture of FirstService Security.
FSRV closed Tuesday's regular trading session at $14.23 and TYC at $40.02.
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