Telefónica buys 50% of Prosegur's alarm business in Spain for 300 million euros

by Kelvin
Telefónica buys 50% of Prosegur's alarm business in Spain for 300 million euros

Telephone and Prosegur have just reached an agreement whereby Telefónica acquires a 50% stake in Prosegur's alarm business in Spain. The operation is still pending approval and is valued at around 300 million euros that Telefónica may pay in full or in part in its own shares, so that Prosegur could become a shareholder of Telefónica.

If the first option is chosen (pay the 300 million euros in shares), Prosegur would own 0.8% of the telecommunications operator. Likewise, Telefónica would see its security business strengthened, which until now had consisted of offering alarms through agreements with third parties. An example was Movistar Verisure Hogar, which was no longer available on May 3, 2018.

  

A (new) commitment to security

Prosegur Telefonica From left to right: Christian Gut, CEO of Prosegur, and √Āngel Vil√°, CEO of Telef√≥nica.

They comment from Telefónica that "with this alliance, both entities want accelerate the development of the alarm business in Spain and evolve the offer of residential and business security services through the generation of innovative solutions for the client and the contribution of the complementary capabilities of both companies. "They say that" the Spanish alarm market has experienced significant growth rates "and that This trend is expected to increase over the years, so it is an agreement with which both companies win.

According to √Āngel Vil√°, CEO of Telef√≥nica, "having a partner like Prosegur will allow us to continue moving forward, faster, in our ambition to be increasingly present in the lives of our clients, with a greater offer of home services"Christian Gut, CEO of Prosegur, affirms that" we will work to develop a new proposal of services much more complete and innovative for our clients ".

Possible collaborations between their venture capital funds are also being explored.

The alliance does not stay here, but they have also agreed to explore possible collaborations between its Venture Capital units (venture capital to finance start-ups): Prosegur Tech Ventures and Telefónica Open Future. Without going any further, a few months ago Prosegur opened an investment fund of 30 million euros to enhance technological innovations in the field of security of which five start-ups They have already benefited.

As we said, it is not the first time that Movistar gets into the security business. Back in 2015 Movistar launched Movistar Verisure Hogar in its Interner and combined packages. Its price was 16 euros per month for service fee and nine euros per month for equipment rental, although the latter could be paid only once. It was no longer available on May 3, 2018 "for reasons beyond Movistar."

Share Telefónica buys 50% of Prosegur's alarm business in Spain for 300 million euros

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