Tyco acquires last major Sensormatic franchise
BERMUDA--Tyco on July 25 announced it had acquired the last "major" Sensormatic franchise for $81 million.
Sensormatic Security Corporation operates in Virginia, Maryland and Washington, D.C. It was granted a franchise from Sensormatic Electronics Corp. in the 1960s, many years before Tyco acquired Sensormatic in 2001.
Sensormatic is a provider of retail security solutions that are sold through ADT and other Tyco partners.
Under the original franchise agreement from the 1960s, SSC could sell, install and service certain Sensormatic products and got a cut of commissions on certain Sensormatic products sold in its franchise territories by other companies.
Ongoing litigation between Sensormatic and SSC will be settled when the deal closes, which a Tyco statement said will be "as soon as practicable following satisfaction of all closing conditions."
This deal follows a June announcement in which Tyco paid $90 million for Winner Security Services, a Sensormatic franchise in Pennsylvania and Delaware.
For more on this story, see the September issue of Security Systems News.