Back from the shower

19 January 2010 By Aliza Rosenbaum

The conglomerate has awakened from its scandalinduced slumber to buy Broadview Security a Brink s security spinoff for $1.9 bln. Investors seemed pleased, adding some $275 mln to Tyco s value. That s because the $150 mln of projected cost cuts make the deal a steal.

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Tyco International, the U.S. industrial conglomerate whose former chief Dennis Kozlowski is serving time for looting his company of millions of dollars, said it will acquire Broadview Security for $1.9 billion, the company's biggest deal since the scandal.

The cashandstock deal values Broadview at $42.50 a share, a more than 35 percent premium to its closing price on Jan. 15 of $31.42. Irving, Texasbased Brink's Home Security Holdings Inc operates as Broadview Security.

Tyco plans to combine Broadview with its ADT security business.

Citi acted as financial adviser to Tyco, and Morgan Stanley advised Brink's Home Security.

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