Securitas Buys Security Services Company in Turkey
Source Securitas
Securitas Security Services Europe has entered the Turkish security services market by agreeing to acquire 51 percent of the shares in DAK GĂĽvenlik. The purchase price for 51 percent of the shares is MSEK 21 and the purchase price for the remaining 49 percent of the shares will based on the financial performance of the company until the year 2009.
DAK GĂĽvenlik is one of the leading security services companies in Turkey with a nationwide coverage and active mainly within permanent guarding services for large customers. The company has estimated annual sales for 2006 of 36 MTRY (MSEK 204) and 3,000 employees. Â
The acquisition is subject to Turkish regulatory approval. Â
Turkey has a fast growing economy with real GDP growth well above 5 percent in 2005. The Turkish market for security services is estimated to be worth MSEK 3,200 and is expected to grow by 6-7 percent yearly. The market is very fragmented with most of the low-end security outsourced to private security companies. However, the market is moving towards high-end security solutions driven by a clear outsourcing trend and new regulations for licensing of companies, security officers and training requirements, fully in effect as of January 2006. Â
With its new organization in Europe, Securitas is well positioned to serve the increasing demand for high end solutions in the Turkish market. The acquisition will be integrated in Securitas as of April 1, 2006.