The Swedish-based security company Securitas has made another buy. It’s agreed to acquire 50 percent plus one of the shares in the security services company Al Sharika Al Muatfawika Likhadamat Al Amin Wa Al Himaya in Jordan.
The seller is the Jordanian Company JoSecure, fully owned by King Abdullah II Design and Development Bureau (KADDB). Enterprise value is estimated at MSEK 23 (MJOD 2.5).
The company has annual sales of about MSEK 20 (MJOD 2.2) and about 800 employees, which makes it the second largest security services company in Jordan. The security services market in Jordan is described by the multi-national firm as very fragmented and is expected to grow fast.
The company is geographically present all over Jordan with concentration in the cities of Amman and Aqaba. The company is mainly operating in the customer segments banks and financial institutes, real estate developers, communications companies and commercial entities.
The acquisition is consolidated in Securitas AB as of June 1, 2011.
