Telefonica has reached an agreement to acquire a 50 percent stake in the Spanish alarm business of private security company Prosegur. In a statement, the operator said it valued the stake at around EUR 300 million, depending on debt, working capital and existing customers at the time of the closing of the transaction, and that it had option to pay the price, in whole or in part, in treasury shares, with Prosegur becoming a Telefonica shareholder.
The companies said the aim of the deal is to accelerate the development of the fast-growing alarm and connected home sector in Spain and develop innovative residential and business security services. Under the terms of the transaction, which remains subject to approval by the relevant authorities, the partners have also agreed to explore opportunities for collaboration between their Venture Capital units, Prosegur Tech Ventures and Telefonica Open Future.
