Tyco hopes to sell Caps Co., reports say

PRINCETON, N.J.—Tyco International has approached private equity firms in a bid to sell Caps Co., its Korean security business, news reports say.

Morgan Stanley, Tyco's advisor, has approached three Seoul-based private equity firms, MBK Partners, Carlyle Group and CVC Capital partners, according to the Wall Street Journal, which reports Tyco wants the sale done quietly.

MBK is now working with advisor Goldman Sachs, the WSJ reports.

Tyco, provider of fire protection and security, acquired Caps Co. in 1999, WSJ reports.

What remains uncertain are the value of the deal and Tyco's reasons for selling, according to the WSJ and Reuters.