Securitas will acquire 75 percent of the shares in the security services company GMCE Gardiennage in Morocco. The purchase of the remaining 25 percent of the shares is agreed to take place in 2013 and will be based on the financial performance of the company until the year 2012. Enterprise value is estimated to be about US$3.2 million.
GMCE Gardiennage has 400 employees and annual sales of approximately $2 million. The company is providing security services all over the country, with half of the operations in the cities Casablanca and Rabat.
The security services market in Morocco is growing fast and is expected to become more regulated in the near future.
The acquisition is consolidated in Securitas as of Dec. 1, 2009.