Panasonic to acquire controlling stake in Firepro Systems
11 May 2012
Japanese electronics giant Panasonic Corp today said that it will acquire a 76.2-per cent stake in Bangalore-based infrastructure protection and security solutions company Firepro Systems.
The Osaka-based company will enter into an agreement of subscriptions of allocation of new shares to a third party with its Indian subsidiary, Anchor Electricals Private Limited.
Panasonic will acquire a portion of Firepro's ordinary shares owned by financial investors, while Anchor will invest in Firepro through a fresh issue of shares. As a
result, Panasonic said that it will own 76.2 per cent of Firepro's shares, including the shares owned by Anchor.
Post acquisition, existing shareholders, including NS Narendra, the founder chairman & managing director of Firepro, will continue to hold 23.8 per cent stake in the company.
Panasonic did not disclose the financial terms of the deal, but Firepro was in talks last year to be acquired by US-based United Technologies for $200 million.
Founded in 1992, Firepro provides integrated protection and security solutions such as fire alarm and detection, fire suppression, access control, video surveillance, intrusion alarm, building management systems, consumer safety and security along with complete managed services.
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