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Visonic Ltd to be Acquired by Tyco International
Visonic's Wireless Security Technology to Complement and Broaden Tyco Security Products' Intrusion Security Portfolio
TEL AVIV, Israel, September 15, 2011/PRNewswire-FirstCall/ --
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
About Visonic
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.
(c) 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
dalits@visonic.com
Tel: +972-3-6456751
Fax: +972-3-6456788
Source: Visonic
.
Visonic Ltd to be Acquired by Tyco International
Visonic's Wireless Security Technology to Complement and Broaden Tyco Security Products' Intrusion Security Portfolio
TEL AVIV, Israel, September 15, 2011/PRNewswire-FirstCall/ --
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
About Visonic
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.
(c) 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
dalits@visonic.com
Tel: +972-3-6456751
Fax: +972-3-6456788
Source: Visonic
.