4 March 2014
Clifford Chance advises Carlyle on acquisition of ADT Korea from Tyco for US$1.93 billion
Hong Kong/Seoul: Leading international law firm Clifford Chance is advising The Carlyle Group on its acquisition of Tyco Fire & Security Services Korea Co. Ltd. and its subsidiaries (ADT Caps Co., Ltd., Capstec Co., Ltd. and ADT Security Co., Ltd.) that form and operate the company’s Korean security business (“ADT Korea”), from US-listed Tyco, the world’s largest pure-play fire protection and security company, for approximately US$1.93 billion. The transaction is the largest private equity buyout deal in US dollar value in Korea since 2008 and subject to regulatory approval, is expected to close in the second quarter of 2014.
ADT Korea is a provider of advanced security solutions in Korea, serving approximately 475,000 small-and-medium-sized businesses, commercial and residential customers. The business is headquartered in Seoul, Korea, with approximately 7,500 employees and a nationwide network that includes 69 branches.
Corporate partner Simon Cooke who is leading the transaction commented, "We are delighted to be advising Carlyle on this significant buyout transaction. This deal highlights the powerful synergies between our leading private equity and finance practices in being able to handle a large transaction with a complex financing structure within a challenging timeframe."
Simon led the transaction with Seoul Managing Partner Hyun Kim and was supported by senior associate Satbir Walia. Anthony Wang and Matthew Truman advised on the financing aspects of the transaction and was supported by counsel Yemi Tépé and Andrew Kelly, senior associate Bong-Sang Cho and associates Chris Psathas and Elizabeth Schultz.
Clifford Chance was recently awarded Asia Pacific Law Firm of the Year for Private Equity transactions by independent publisher Private Equity International.