Sweden's Securitas said on Wednesday it had agreed to buy U.S. rival Stanley Black & Decker's electronic security solutions business for $3.2 billion in its biggest acquisition to date.
Securitas, the world's biggest listed security services group, has been pushing for years to increase sales of electronic security services and reduce its exposure to staff-intensive guarding. The firm's biggest cost is paying salaries for its 355,000 employees.
Securitas said it expected to complete the deal in the first half of 2022 with acquisition-related costs totalling about $135 million, the majority of which would be booked in 2022 and 2023. It said it would fund the deal through an underwritten bridge facility and a $915 million equity rights issue intended to be launched following completion of the deal.
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