Garda World Security on Tuesday said private equity firm BC Partners would buy a majority stake in the Canada-based security services company.
The agreement values Garda World at around $5.2 billion and BC Partners will own a 51 per cent stake in the company after the deal. Garda World Chief Executive Officer Stephan Cretier will own the rest along with other members of the company’s management team, Garda said in a statement.
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The transaction, subject to customary closing conditions, is expected to close by late 2019.
Garda World, which provides armored cars, cash-handling services and automated teller machine maintenance, said in May it does not intend to make an offer for rival G4S, having previously said it was considering a cash offer for some or all of the British company.
According to Garda World’s website, it also owns a cash solutions business, along with security services which include screening passengers at airports.
While Barclays and TD Securities served as financial advisers to Garda World, Scotiabank served as a financial adviser to BC Partners.
The Wall Street Journal had earlier reported the deal.
? Thomson Reuters 2019