Tyco shortlists PE firms for Korean unit - report

According to The Wall Street Journal, Bain has teamed up with South Korean private-equity firm Hahn & Co. to make its bid. Standard Chartered's private-equity arm and Affinity Equity Partners are also said to be among those that might enter the fray.

KKR and Bain - as well as CVC Capital Partners - are understood to have entered preliminary bids for ADT Caps last month shortly after Tyco put out an information memorandum to PE firms last year.

Tyco first acquired a 68.5% stake in ADT Caps - then simply Caps - in 1999 and delisted it from Korea's Kosdaq market. It acquired the rest of the company later that year.

The divestment comes at a time when the US security conglomerate is undergoing extensive restructuring. Last year, Tyco spun out its North American security unit - ADT - while merging its valve manufacturing busines - Flow Control - with industrial conglomerate Pentair.

Tyco is the latest in a series of multinational firms seeking to divest Korean assets. Last year, ING, which is required to sell off its Asian business as part of a post-global financial crisis bailout, sold its Korean life insurance unit to MBK Partners for $1.67 billion.

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• Topics
• North Asia
• Buyouts
• Technology
• KKR
• The Carlyle Group
• IMM Investment
• Hahn & Co
• Bain Capital Asia
• CVC Capital Partners
• Standard Chartered Private Equity
• Consumer
• buyout
• South Korea