Australian manufacturer Future Fibre Technologies (FFT) is set to acquire smart technology company, MaxSec Group, to create a global suite for the securities market.
A world leader in fibre optic perimeter intrusion detection systems, FFT intends to make an offer to takeover the Sydney-based security company, buying out the rest of the shares it does not hold in the business.
FFT currently has 65 million shares in MaxSec, whose board will recommend an offer “in the absence of a superior proposal”.
The proposed acquisition seeks to take advantage of synergies between FFT’s perimeter security solutions and MaxSec’s access control and international logistics expertise.
“Bringing FFT and MaxSec together will create increased sales growth opportunities for the combined group as common customer requirements deliver both parties access to a larger share of the total security market through a greater suite of solutions,” said FFT chairman Terry Winters.
“This proposed merger with MaxSec is in line with FFT’s strategic growth plan and we believe it offers compelling value for all shareholders.”
Under the terms of the offer, shareholders for MaxSec will be offered one FFT share for every four MaxSec shares and will continue to participate in the future of the merge group.
“The proposed merger of MaxSec with FFT is expected to transform two global leaders in the security industry into a significant force, offering diverse technologies and services, more effective selling synergies, operating efficiencies and greater geographic reach,” said MaxSec CEO Geoff Cleaves.