Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
NEW YORK (AP) — Tyco is selling its South Korean security business to the asset manager The Carlyle Group for about $1.93 billion.
Tyco Fire & Security Services Korea Co. Ltd. and its subsidiaries form and run Tyco International Ltd.'s South Korean security business. That business serves approximately 475,000 small-and-medium-sized businesses, commercial and residential customers.
Tyco, based in Switzerland, said Monday that it anticipates net proceeds of $1.85 billion. Tyco said the proceeds will allow it to increase the amount of cash it uses for acquisitions, stock buybacks and other corporate purposes.
Due to the sale, Tyco now expects second-quarter earnings from continuing operations of 39 cents to 41 cents per share, down from 44 cents to 46 cents per share. Analysts predict 46 cents per share.
The deal is expected to close in Tyco's fiscal third quarter.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.