Tyco sets sights on possible Visonic acquisition
Visonic released a statement on June 21 quoted in several news outlets that “the terms of the deal including the price have not yet been agreed and there is no certainty the talks will lead to a binding agreement.”
Reuters is reporting that founder and chairman Yaacov Kotlicki, “who controls 70 per cent of the company, has granted Tyco an option to buy all his shares” and that a 60-day exclusivity agreement exists between the two companies.
Last month, Tyco CEO Ed Breen indicated that the company was close to an acquisition deal worth $110 million, but did not name the target at that time. He said further acquisitions worth upwards of $500 million may be possible over the next year.
Calls to Tyco spokespeople were not returned at press time.
Visonic, based in Tel Aviv, makes both wired and wireless security detection equipment for homes and businesses. In the past month, Visonic has announced two partnership agreements: to integrate Visonic security peripherals into OpenHome, a software platform from broadband home management firm iControl Networks Inc.; and an agreement with Ember Corp., a provider of low-power, wireless mesh networking technology. Under that agreement the firms will integrate Ember’s ZigBee communication protocols with Visonic security peripherals. Following joint development efforts by the two companies, Visonic will bring to market new sensors and other security peripherals.