Deals
Tyco Sells 51% Unit Stake to Clayton for $720 Million
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Tyco International Ltd., the world’s largest maker of security systems, agreed to sell a majority stake in its Electrical and Metal Products unit to a buyout firm for $720 million, withdrawing plans to spin off the division.
The cash proceeds from the 51 percent stake sale to Clayton Dubilier & Rice LLC will be used to accelerate share buybacks under a $1 billion program announced on Sept. 8, the Schaffhausen, Switzerland-based company said in a statement.