Stanley Black & Decker Acquires 95% of Sweden’s Niscayah
Stanley Black & Decker Inc. (SWK), 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. (SECUB) 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 (MELK), 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.
To contact the reporter on this story: Ola Kinnander in Stockholm at email@example.com