Securitas has, in line with its strategy to increase its presence in Latin Americaagreed to merge its operation in Colombia with the Colombian security services company Socovig. Securitas will after the merger own 100 percent of the quotas in Socovig. Enterprise value is estimated to approximately
Socovig is well positioned in its local market , which are mainly the cities of Bogot, Cali, Barranquilla and Pereira. The company is mainly operating in guarding, but has also mobile and monitoring operations. Socovig has approximately 1,100 employees and annual sales of approximately $9.9 million.
After the merger, Securitas in Colombia will have 2,600 employees and total sales
of approximately $23.7 million.
The security market in Colombia is fragmented. The market is forecasted to grow 10 to 12 percent annually in the short-to-mid-term.
The acquisition will be consolidated in Securitas as of Oct. 1, 2009.