Prosegur and Telefónica close the deal for the joint management of the alarm business in Spain
Feb 28, 2020
Madrid, 28 February 2020. Prosegur and Telefónica have completed the transaction whereby the latter has acquired 50% of Prosegur’s alarm business in Spain. The final amount of the transaction totals €305,614,004, subject to the standard adjustments related to debt, working capital and existing customers.
The telecommunications company paid the total of this transaction in 49,545,262 Telefónica shares. In order to implement the usual protection mechanisms for transactions of this kind, Prosegur has undertaken, among other obligations, to accept certain restrictions on the transferability of the Telefónica shares.
The purpose of the partnership between Prosegur and Telefónica is to capitalise on the opportunity for growth provided by the alarm market in Spain, based on the excellent strategic fit and the complementary nature of the two partners. Telefónica will provide a high degree of distribution capability, resources and capillarity. As for Prosegur, it will contribute its own operational assets and a management team with extensive experience in the security market.
This is a pioneering association with the aim of leadership, driven by two partners who are major players in their sectors. Within this context, the presence of Prosegur among Telefónica’s shareholders will reinforce the determination to build a strategic relationship that generates value for the partners.
Within the next few days the company will present the brand under which it will operate and its new range of products.
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