Tyco (NYSE:TYC) signed a definitive agreement to sell Tyco Fire & Security Services Korea Co. Ltd. and its subsidiaries (ADT Caps Co., Ltd., Capstec Co., Ltd. and ADT Security Co., Ltd.) that form and operate the company’s South Korean security business (ADT Korea) to The Carlyle Group (CG), in a cash transaction valued at approximately $1.93 billion.
The transaction is expected to close in Tyco’s fiscal third quarter of 2014.
Separately, Tyco approved an additional $1.75 billion authorization for share repurchase. This is in addition to the remaining $250 million authorization, bringing the total share repurchase authorization to $2 billion.
In Other Financial News
Research services companies Nielsen Holdings (NYSE:NLSN) and Myanmar Marketing Research & Development have formed a joint venture entity called Nielsen MMRD.
As agreed, the companies will combine their collective solutions to provide marketing and consumer research services to businesses based in Myanmar or to companies planning to enter the Myanmar market.
Financial terms of the collaboration were not disclosed.