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January 19, 2010 4:02 PM

Simpson, Fulbright Lock Up $2 Billion Tyco, Broadview Deal

Posted by Claire Zillman

Tyco International announced plans today to purchase Broadview Security for $2 billion in a cash and stock deal that combines two top residential and commercial security system providers. Broadview, with 1.3 million recurring revenue accounts in North America, is the operating name of Brink's Home Security Holdings, Inc. Tyco plans to fold Broadview into its own ADT security business.

This is the largest deal Tyco has struck since the massive accounting scandal at the company came to light in 2002, according to Dealbook. Simpson Thacher & Bartlett, led by M&A partner Alan Klein and antitrust partner Aimee Goldstein, advised Tyco on the deal and has represented the company on M&A matters for the last year and a half. McDermott Will & Emery advised on tax matters for Tyco.

Fulbright & Jaworski partners Thomas Hughes and James Griffin negotiated the deal for Broadview. Hughes says the firm has been regular corporate counsel to Brink's Home Security since October 2008, when the home security provider spun off from parent The Brink's Company.

The deal was unanimously approved by the board of directors of both companies, but awaits approval from Brink's shareholders and clearance under the Hart-Scott-Rodino Act.

Tyco changed its domicile from Bermuda to Switzerland in March 2009. As such, the company's acquisition of Broadview must also comply with Swiss law. Both companies tapped Swiss law firms to handle these matters: Tyco is represented by Vischer, Ltd., and Broadview is relying on a team from Lenz & Staehelin.

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