Tyco Agrees to Sell South Korean Security Unit for $1.9 Billion

NEW YORK – U.S. investment fund Carlyle said Monday it would buy the South Korea security unit of building safety and security giant Tyco for $1.93 billion in cash.

The Carlyle Group said the deal was the largest private equity buyout, in dollar value, in South Korea since 2008.

The unit, ADT Korea, provides advanced security services, including central monitoring and video surveillance.

Headquartered in Seoul, ADT serves about 475,000 business, commercial and residential customers.

It has a nationwide network that includes 69 branches and a workforce of about 7,500 employees.

The deal requires regulatory approval and is expected to close in the second quarter of this year, Carlyle said.

Copyright Agence France-Presse, 2014