First Security parent company ISS cleared

07 November 2008 /no 57

First Security parent company ISS cleared to acquire manned guarding business of Chubb

The Commerce Commission has cleared ISS Holdings NZ Limited (ISS) to acquire a portion of the manned (static and mobile) guarding business of Chubb New Zealand Limited (Chubb).

Commerce Commission Chair Paula Rebstock said that the Commission was satisfied that the proposed acquisition will not have, or would not be likely to have, the effect of substantially lessening competition in any of the relevant markets. Post-acquisition, ISS will continue to be constrained by existing competition.

Public versions of the written reasons for the decision will be available as soon as practicable on the Commission’s website www.comcom.govt.nz under Public Registers.

Background

Static guarding is the stationing of a guard at a customer’s premises. Mobile guarding or patrol is the dispatch of a security guard to a residential address or commercial premises (either at pre-specified times or in response to an alarm).

ISS is a wholly owned subsidiary of ISS Global A/S, a company incorporated in Denmark. ISS carries out a manned (static and mobile) guarding business via a wholly-owned subsidiary, First Security Guard Services Limited.

Chubb is ultimately owned by United Technologies Corporation. It provides a wide range of services including manned (static and mobile) guarding services, installation of electronic security systems, cash handling and 24x7 electronic alarm monitoring services.

ENDS

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