ADT Inc. just announced the Boca-based company intends to sell ADT Canada to TELUS Corp. for $700 million in cash.
“The sale of our more capital intensive Canadian operations enables us to sharpen our focus on the exciting growth and higher margin opportunities in the U.S…,’’ Jim DeVries, ADT president and CEO, said in a statement.
The company also announced authorizing a one-time, special dividend of up to $550 million and plans to set the dividend at $0.70 per share. Details will be provided with the transaction closing. The transaction is expected to close in the fourth quarter of 2019. For the fiscal year ending Dec. 31, 2018, ADT Canada generated revenue of USD $229 million, according to the company.
RBC Capital Markets and Barclays are serving as financial advisers to ADT and Osler, Hoskin & Harcourt, LLP is serving as legal adviser.
ADT has had a presence in Boca Raton since the 1990s, said Bob Tucker, corporate affairs director.
In 2011, the company moved to expand from the Tyco Tower to the headquarter building at 1501 Yamato Road.
A leading provider of security and automation solutions serving residential and business customers, the company is ranked as the #1 Smart Home Security Provider. It has 19,000 employees in more than 200 sales and service locations, and 12 owned and operated monitoring centers. Four-hundred employees work in Boca Raton, Tucker said.