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Allied Universal CEO Steve Jones

Allied Universal CEO Steve Jones

A shareholder in Santa Ana’s Allied Universal, the largest North American security firm, said it completed its sale of a majority stake.

Wendel SE, a French-based investor, said it sold 79% of its total investment in Allied Universal, generating net cash proceeds of $721 million.

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It sold the stake to Caisse de dépôt et placement du Québec (CDPQ), Canada’s second largest pension fund, and a new investment group led by Warburg Pincus and an affiliate of the J. Safra Group. The deal was originally announced in February.

Wendel said it will retain 6% of Allied Universal, whose CEO is Steve Jones.