Manheim Auctions has completed its acquisition of ADT Automotive from Tyco International Ltd. for approximately $1 billion cash.
On Oct. 2, Manheim agreed to sell nine auctions in seven markets to receive Federal Trade Commission approval of its purchase of ADT. The sale of those nine auctions to ADESA Corporation was completed on Oct. 7.
In January, Manheim had agreed to acquire ADT Automotive and its 28 U.S. auto auctions.
With the acquisition complete, Manheim's family of businesses now includes 86 North American auctions, 126 business units worldwide, and 34,200 employees.
"We're pleased to welcome the ADT Automotive employees into the Manheim family," said Dennis Berry, president and CEO of Manheim Auctions. "We're looking forward to combining these two great auction companies.
"Our companies were similar in many ways," Berry said. "We both have long, rich histories. We both have excellent facilities and provide quality services. And, most important, we both have experienced and dedicated professionals who know the auction business."
Tyco said the sale will generate a one-time gain of $300 million.
"As we move forward, combining the best of ADT and Manheim, we'll continue to focus on the basics of the business -- helping customers buy and sell more vehicles more quickly and efficiently," Berry said. "There's no doubt that Manheim now has the most expansive and complete array of value-added auction and remarketing services in the industry."