Stanley to buy Swedish security firm
Stanley Black & Decker has agreed to buy Niscayah, a European electronic security and monitoring company for $1.2 billion, including assumed debt. Stanley will pay $18.00 per share in cash (in Swedish currency) for the Stockholm-based company, 24% more than an all-stock offer by another firm, Securitas AB, and a 15% premium to Niscayah’s stock price at close on June 23, 2011.
With estimated 2011 revenue of approximately USD$1 billion, Niscayah is one of the world’s leading commercial security and monitoring companies and one of the largest access control and surveillance solutions providers in Europe. Niscayah’s integrated security solutions include video surveillance, intrusion alarms and fire alarm systems, and its offerings include design and installation services, maintenance and repair, and monitoring systems.
The proposed acquisition would expand and complement Stanley Black & Decker’s existing security product offerings and further diversify the company’s operations and international presence. Niscayah’s business is well diversified across northern, central and southern Europe and the Nordic Region, as well as in the United States. Stanley Black & Decker’s existing Convergent Security Solutions (CSS) business revenues are approximately $800 million, of which Europe represents about $300 million.
The acquisition would be funded with Stanley Black & Decker’s existing offshore cash resources with no additional debt or equity issuances, the New Britain, Conn.-based company said in its announcement.
The offer is subject to customary conditions for a public offer in Sweden, including antitrust approvals and the acceptance of the offer to such an extent that Stanley Black & Decker becomes the owner of more than 90% of the total number of shares in Niscayah. The transaction is expected to close in September 2011.
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Housing recovery hampered by lending
An analysis published by the Wall Street Journal showed that the nation’s 10 largest mortgage lenders denied 26.8% of loan applications in 2010, an increase from 23.5% in 2009.
The mortgage data analyzed, which was obtained from banking regulators, included refinance requests as well as new-home loans. Among home purchase applicants, lenders denied 19.9%, up from 18.2% in 2009. The refi applications were denied 27.2% of the time, compared with 24.4% the previous year.
The Wall State Journal was able to obtain the data as the result of the Home Mortgage Disclosure Act, which requires lenders to disclose these figures. The top 10 lenders accounted for 70% of loan originations last year, although many were obtained after smaller firms approved the loans.
The analysis showed that denials increased in every state except Delaware. They were highest in Miami, Detroit and New Orleans and lowest in Raleigh, N.C.; Bethesda, Md.; and San Jose, Calif.
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Toro acquires maker of turf renovation products
The Toro Co. acquired Lawn Solutions Commercial Products, a manufacturer of innovative turf renovation equipment for the landscape, rental, municipal and golf markets.
The acquisition, which includes a dedicated lineup of aerators, seeders, power rakes and brush cutters, adds key product categories to Toro’s portfolio to support growth across its core global businesses.
Terms of the transaction were not disclosed.
“Turf renovation is a natural category for Toro, having built our company around turf maintenance for almost 100 years,” said Michael Drazan, VP of the Bloomington, Minn.-based company’s contractor business. “These products complement our brands and markets extremely well, while extending our offering to customers worldwide. With our expanded distribution and market strength, we believe we can deliver significant share growth in these categories.”
Based in Louisville, Ky., Lawn Solutions was founded in 2006. As part of the purchase, David Cook, owner of Lawn Solutions, will continue to consult with Toro after the acquisition.