Fidelity Security Group is set buy ADT, the South African security business belonging to US based Tyco for approximately R1.9 billion ($140 million).
ADT provides central monitoring services including video surveillance and dispatch, armed response, access control and other security-related services to more than 365,000 residential, small-to-medium sized enterprises and larger commercial customers.
It also provides centralised security monitoring services, including the dispatch of armed response guards, fire detection and protection, access control as well as other security-related services, through a nationwide network that includes 26 branch locations and about 9,700 employees.
After the transaction is completed, Tyco will continue to provide its fire, security and life safety products in South Africa.
ADT will serve as a local distributor for Tyco’s residential and commercial security products and solutions, as well as Tyco’s specialized performance solutions for retail businesses.
ADT will retain its name and will operate as Fidelity ADT, a subsidiary of Fidelity Security Group.
The transaction is expected to close in the first quarter of 2017.
In a statement issued on Thursday, Fidelity said its purchase of ADT will boost armed response and security technology offering. It will also affirm its level one broad-based black empowerment rating.
The expanded Fidelity group will have more than 168 points of presence across Southern Africa and support around 57,000 employees.
Source: Business Tech