UPDATE 1-FirstService sells security division to ADT

(In U.S. dollars)

TORONTO, April 14 (Reuters) - FirstService Corp (FSV.TO: Quote, Profile, Research) said on Monday it will sell its security division to ADT Security, a unit of Tyco International (TYC.N: Quote, Profile, Research), for about $187 million cash.

The Canadian property services firm said it would sell FirstService Security to focus on real estate and free up some $140 million in net proceeds for future acquisitions.

The boards of both U.S.-based ADT and FirstService have approved the deal, which gives the buyer all of the shares of FirstService Security.

"We concluded that accelerating the growth of our three real estate services platforms through a combination of internal growth and acquisitions would create greater long-term value for the shareholders of FirstService," said Jay Hennick, FirstService's chief executive.

FirstService, whose brands include Colliers International and Pillar to Pillar Home Inspections, said it has more than $350 million in cash and available funds for acquisitions "without the need to issue equity."

The deal is expected to close once it receives regulatory approval.

($1=$1.02 Canadian) (Reporting by Jonathan Spicer; Editing by Bernadette Baum)