Estimated to have an enterprise value of GB pound 31 million and with annual sales of approximately GB pound 113 million, Chubb is the latest company to be bought by Securitas. Chubb employs around 5,000 people.
In November 2010, Securitas acquired Reliance Security Services.
In a statement released today, Securitas said: “With the acquisition of Chubb Security Personnel, Securitas will strengthen its position as one of the largest security services companies in the United Kingdom, with approximately 17,500 employees.”
The acquisition is expected to contribute positively to the earnings per share of Securitas as of 2012. Restructuring costs of in total approximately GB pound 2.8 million are expected in 2011 and acquisition related transaction costs of GB pound 1 million are expected in the first quarter of 2011. The acquisition will dilute margins in Security Services Europe during coming years.
Alf Goransson, Securitas president and CEO, said: “The acquisition will materially strengthen our operations in the United Kingdom both in terms of customer base and national coverage.”
The acquisition is subject to customary closing conditions and approval from the United Kingdom Office of Fair Trading, which is expected to be completed in the first quarter of 2011.
