Noerr advises Tyco on the acquisition of Industrial Safety Technologies
Together with their US partner law firm Simpson Thacher & Bartlett the law firm Noerr advised the mixed group Tyco International on the announced acquisition of the gas and flame detection specialist Industrial Safety Technologies group (“IST”). The purchase price was approximately 329.5 million US dollars in cash. The seller is the finance investor Battery Ventures.
The Tyco group plans to merge the IST group with its subsidiary Scott Safety. The combined company will then be among the worldwide largest manufacturers of products in the area of gas and flame detection. The transaction must still be approved by the cartel authorities.
The internationally set up Tyco Group with approximately 69,000 employees has an annual turnover of 10 billion US dollars. The important business areas are fire protection, security and detection systems and medical technology.
Advisor Tyco International plc: Noerr LLP
Dr Tibor Fedke (corporate/M&A, leading), Dr. Alexander Ritvay; Dr. Christoph Spiering; Katrin Andrä (all corporate/M&A); Dr. Thomas Lambrich; Charlotte Sander (both employment law); Dr. Tom Billing (commercial, all Berlin)
International lead: Simpson Thacher & Bartlett LLP