KKR, Bain Bid for $1.6B Tyco’s South Korea Unit

Private equity firms such as KKR & Co LP and Bain Capital are among suitors which have placed initial bids for Tyco International Inc’s South Korean security systems unit.

Billion-dollar buyouts are rare in Asia, but security companies, when they come up for sale, tend to attract much interest from private equity firms as they are valued for their stable revenues.

A sale of ADT Caps, would follow Bain’s $3.4 billion purchase of European security firm Securitas Direct in 2011 and Blackstone Group’s (BX.N) acquisition of U.S. firm Vivint Inc for more than $2 billion last year.

Other bidders for ADT Caps include CVC Capital Partners CVC.UL as well as Hong Kong-based Affinity Equity Partners and South Korea’s MBK Partners, the sources said, declining to be identified as the process is confidential.

KKR, Bain, CVC and MBK declined to comment. Tyco and Affinity did not respond to emails seeking comment.

Morgan Stanley (MS.N) is advising Tyco on the sale, the sources said. Morgan Stanley declined to comment.

Source: Reuters

 

Tags: Private Equity, Private Equity firm, Private Equity group, Private Equity Company, Private Equity Fund, Private Equity investment, Private Equity investor, Fund of Fund, Private Equity business, Private Equity industry, PE, KKR, KKR & Co LP, Bain Capital, Tyco International Inc, South Korean Security Systems Unit, Buyout, Buyout Fund, Leveraged Buyout, Buyout Firm, ADT Caps, European Security Firm, Securitas Direct, Blackstone Group, Vivint Inc, CVC Capital Partners, Hong Kong, MBK Partners, Morgan Stanley.


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