June 28, 2001
ROSEMEAD, Calif., June 28, 2001 - - Edison International (NYSE: EIX) announced today that it has entered into an agreement to sell Edison Select, a wholly owned subsidiary of Edison Enterprises and Edison International, to ADT Security Services, Inc., a unit of Tyco International Ltd. Terms of the agreement were not disclosed. Proceeds from the sale will be used to pay down debt maturing this year at Edison International as part of a recently announced refinancing plan.
Edison Select, formed in 1996, provides unregulated services to predominantly residential customers through its two major business lines, Edison Security and Edison OnCall. Edison Security, formed in 1997, has quickly become one of the largest providers of residential security services in Southern California, and is currently the sixth largest residential alarm monitoring company in the U.S. Edison OnCall provides residential electrical warranty repair services. Edison Select generated annual revenues of approximately $154 million at year-end 2000.
Significant operational improvements at Edison Select in recent years have positioned the Company to be an attractive addition to ADT’s well-established customer base. The sale of Edison Select also complements Edison International’s long-term strategy of focusing on energy related markets.
ADT Security Services, Inc. a unit of Tyco Fire and Security Services, is the largest single provider of electronic security services to nearly 3 million commercial, federal and residential customers throughout North America and Europe. ADT’s total security solutions include intrusion, fire protection, closed circuit television, access control, critical condition monitoring and integrated systems.
Edison International was advised by Lehman Brothers, Inc. The transaction is targeted for completion by mid-August.
# # #
Based in Rosemead, Calif., Edison International is the parent company of Southern California Edison, Edison Mission Energy, Edison Capital, Edison O&M Services, and Edison Enterprises.