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Telefónica has acquired a 50% stake in Prosegur's alarm business in Spain, the telecom operator reported to the CNMV.
The operation, which must be submitted for approval by the corresponding authorities, represents a valuation of 300 million euros , subject to the standard adjustments in this type of transactions on debt, working capital and existing clients at the time of closing of the operation.
At Telefónica's option, the price could be paid, in whole or in part, in treasury shares , and Prosegur became a shareholder of Telefónica.
"With this alliance, both entities want to accelerate the development of the alarm business in Spain and evolve the offer of residential and business security services through the generation of innovative solutions for the customer and the contribution of the complementary capabilities of both companies," The group chaired by José María Álvarez-Pallete explains in a statement.
In recent years, the Spanish alarm market has experienced significant growth rates . This trend is expected to increase over the next few years due to the fundamental role that security will play in the connected home.
"The collaboration between Prosegur and Telefónica, reference companies in their sectors, aims to capture this opportunity, given the great strategic fit and the complementarity of the contributions of both partners, leading to an association with a vocation to lead the growth of this sector, "adds the note.
Telefónica says that it will contribute to the alliance a prestigious brand as a technological leader in the consumer market, a permanent innovation capacity focused on the development of new applications, as well as capabilities and resources to expand the home security offer.
The two companies have agreed to explore opportunities for collaboration between their Venture Capital units: Prosegur Tech Ventures and Telefónica Open Future .
Christian Gut , CEO of Prosegur, stressed that "we started a new stage in our alarm activity next to a benchmark in the technology sector. Together with Telefónica we will work to develop a new proposal for services much more complete and innovative for our customers . "
Ángel Vilá , CEO of Telefónica, said: "With this agreement we welcome the leading security company as partners and future shareholders. For Telefónica, having a partner like Prosegur will allow us to continue moving forward, in a faster way, in our ambition to be more and more present in the lives of our clients, with a greater offer of services for the home ".
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