GE Industrial Systems, a division of General Electric and Interlogix, Inc have announced that they have signed an agreement for GE to acquire Interlogix for $777 million.
The transaction, which is subject to government approvals and other customary conditions, is expected to close in the first quarter of 2002. GE has agreed to pay the equivalent of $38.86 for each Interlogix share consisting of 50% cash and 50% GE stock.
A stockholder, who holds approximately 80% of the current outstanding shares of Interlogix, has concurrently signed an agreement to tender its shares in favour of the transaction.
Interlogix manufactures electronic security products and systems for commercial, industrial and residential use. Primary business segments are Security and Lifesafety, Enterprise Technologies and Key Management. Annual revenues are said to be in excess of US$600 million.