Diebold to Sell N. America Electronic Security Business to Securitas for ~$350M

Diebold, Incorporated

today announced it has entered into an agreement to divest its North America-based electronic security business to accelerate its transformation and better position the company to pursue growth opportunities in the dynamic self-service industry.  Securitas AB

, an $8 billion Stockholm-based global provider of security services and solutions, has agreed to acquire the business in a transaction with a purchase price of $350 million.  Ten percent of the price is contingent on successful transference of certain customer relationships to Securitas.  The sale is subject to regulatory approvals, customary closing conditions and working capital adjustments, and is expected to be completed during the first quarter 2016. The two companies have also agreed to a strategic business alliance in which Securitas will serve as Diebold's preferred supplier for electronic security solutions in North America.  This will help ensure a seamless transition for Diebold's electronic security customers, as well as drive