SIS Prosegur to Buy ISS’s Cash Management Business
SIS Prosegur, a joint venture formed in 2012 between Security and Intelligence Services (India) and Spain’s Prosegur, plans to acquire the cash management business of Danish facility management firm ISS for about 1,500 rupees (INR), or US$24.8m, according to a report by India’s
The JV provides a range of cash in transit and automated teller machine (ATM) Services for banks and businesses with a market share of almost 30%. SIS has a 51% share in SIS Prosegur with the other 49% held by Prosegur.
reported that a number of private equity buyout funds, including Baring Asia, Advent, Apollo Management, Bain Capital, Carlyle and Apax Partners, were eyeing Blackstone Group’s CMS Info Systems, the country’s largest cash management services company. The acquisition positions SIS Prosegur as India’s second largest cash management operator.
The agreed deal will see ISS, the world’s largest facility management services provider, divest a non-core asset, while continuing to focus on its core business.
ISS, which has more than 530,000 employees, offers facility management services in more than 50 countries. The company raised US$1.5bn from its initial public offering (IPO) in March this year, which was marked as the biggest public listing on a Nordic exchange for 14 years in terms of market capitalisation.