NEW YORK (AP) — Diversified manufacturer Tyco International Ltd. says it has acquired home security provider Brink’s Home Security Holdings Inc. in a cash-and-stock deal worth $2 billion.
Tyco is paying $42.50 per share for the Irving, Texas-based company. That represents a premium of more than 35 percent over Brink’s stock, which closed Monday at $31.42.
Tyco, which is headquartered in Schaffhausen, Switzerland, says it will combine Brink’s, which operates as Broadview Security, with its own ADT security business. The deal has been unanimously approved by board members at both companies.
Tyco raised its first-quarter earnings forecast following the announcement. The company is scheduled to report first-quarter results on Jan. 28.