Stanley Black & Decker Acquires 95% of Sweden’s Niscayah

Stanley Black & Decker said to Acquire Niscayah’s Shares
Stanley Black & Decker Inc. , the U.S. toolmaker bidding for Niscayah AB, has acquired more than 90 percent of the surveillance system maker’s shares, said a person with knowledge of the process. Photographer: David Paul Morris/Bloomberg

Stanley Black & Decker Inc., the U.S. toolmaker, has acquired about 95 percent of the shares of Swedish surveillance-system maker Niscayah AB.

Stanley Black & Decker, based in New Britain, Connecticut, had offered about 7.6 billion Swedish kronor ($1.2 billion), or 18 kronor a share in cash, for Stockholm’s Niscayah, surpassing a rival offer from Securitas AB. All conditions for the offer have been satisfied and settlement is expected to start Sept. 9, Stanley Black & Decker said today in a statement.

The purchase allows the toolmaker, the largest in the U.S., to bolster systems for surveillance and fire alarms. Stanley Black & Decker’s security business last year topped $2.1 billion in revenue, accounting for about one-fourth of the total.

Holders representing about three-quarters of the shares and warrants outstanding have agreed, Stanley Black & Decker said in the statement, and the acceptance period has been extended to Sept. 23.

Alarm-system maker Securitas had offered 5.8 billion kronor for Niscayah in May via a share swap. Stanley Black & Decker’s bid came more than a month later. Melker Schorling AB, the second-biggest shareholder by votes in Stockholm-based Securitas as well as Niscayah, said in July it wouldn’t oppose the Stanley Black & Decker bid if it wound up being higher.

Stanley Black & Decker fell $1.86, or 3.1 percent, to $58.50 as of 1:48 p.m. in New York Stock Exchange composite trading. Niscayah closed at 18 kronor in Sweden.

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