UTC Considering Bidders for $3B Sale of Chubb Fire & Security: Bloomberg
UTC has received multiple offers for Chubb Fire & Security.
ANONYMOUS sources told Bloomberg that UTC has received offers from Apax Partners and PAI Partners, as well as a joint bid from Eurazeo SE and Rhone Capital. Although UTC is in talks to sell its fire safety and security business, no final decisions have been made.
The industrial conglomerate, based here, has received offers from Apax Partners and PAI Partners, as well as a joint bid from Eurazeo SE and Rhone Capital, anonymous sources told Bloomberg. The people familiar with the transaction asked not to be identified because the discussions are private, Bloomberg said.
The fire safety business manufactures sprinklers, smoke detectors and video surveillance equipment, and provides services such as training and maintenance, according to its website. Its brands include Chubb, Fireye and Kidde, among others.
UTC CEO Greg Hayes tole Reuters in September that the company would announce a decision within 60 days about whether to break up.
Chubb is a leading global provider of fire safety and security solutions for an array of vertical markets, including banking and finance, commercial and offices, education, government, healthcare and more.
Chubb was acquired by UTC for about $1 billion in 2003, and is now part of the company’s climate, controls and security division. In September, UTC reached an agreement to acquire S2 Security, a leading developer of unified security and video management solutions. S2 Security, based in Framingham, Mass., was founded by John Moss in 2002.
S2 company provides enterprise physical security solutions, including access control, video surveillance, event monitoring, digital signage, live internet sourced real-time data and information feeds, mobile applications and cloud-based services.