July 24, 2019 / 12:14 AM / in 10 months

UPDATE 1-BC Partners to buy majority stake in Garda World

(Recasts with company statement; adds background, details)

July 23 (Reuters) - Garda World Security on Tuesday said private equity firm BC Partners would buy a majority stake in the Canada-based security services company.

The agreement values Garda World at around C$5.2 billion ($3.96 billion) and BC Partners will own a 51% stake in the company after the deal. Garda World Chief Executive Officer Stephan Cretier will own the rest along with other members of the company’s management team, Garda said in a statement.

The transaction, subject to customary closing conditions, is expected to close by late 2019.

Garda World, which provides armored cars, cash-handling services and automated teller machine maintenance, said in May it does not intend to make an offer for rival G4S, having previously said it was considering a cash offer for some or all of the British company.

According to Garda World’s website, it also owns a cash solutions business, along with security services which include screening passengers at airports.

While Barclays and TD Securities served as financial advisers to Garda World, Scotiabank served as a financial adviser to BC Partners.

The Wall Street Journal had earlier reported the deal. (on.wsj.com/2M6N3Ed) ($1 = 1.3134 Canadian dollars) (Reporting by Vibhuti Sharma and Maria Ponnezhath; editing by Gopakumar Warrier)

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