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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.
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.