* Tyco's S. Korean unit had EBITDA of about $160 mln
* KKR, Affinity were among other suitors
By Joyce Lee and Denny Thomas
SEOUL/HONG KONG, Feb 26 Private equity firm
Carlyle Group has entered into exclusive talks to buy
Tyco International Inc's South Korean security systems
unit, a business valued at around $2 billion, two sources told
Reuters on Wednesday.
A successful sale of the unit, ADT Caps, would be the second
large private equity transaction in South Korea this year, after
KKR & Co and Affinity's $5.8 billion sale of Oriental
Brewery to Anheuser-Busch InBev SA.
Tyco put the unit up for sale last year, attracting bids
from private equity firms including Affinity Equity Partners,
Bain Capital, Carlyle Group, KKR and South Korea's MBK Partners,
Reuters previously reported.
The company had earnings before interest, tax, depreciation
and amortization of about $160 million as of the end of Sept.
2013. The business is expected to fetch between 10 and 12 times
that figure, sources told Reuters.
Established in 1971, ADT Caps offers central monitoring,
access control, video surveillance control and other integrated
Morgan Stanley is advising Tyco on the asset sale.
Carlyle and ADT Caps declined to comment. Sources declined
to be identified as the information is not public.