Ten percent of the price is contingent on successful transference of certain customer relationships to Securitas. The sale is subject to regulatory approvals, customary closing conditions and working capital adjustments, and is expected to be completed during the first quarter 2016.

The two companies have also agreed to a strategic business alliance in which Securitas will serve as Diebold's preferred supplier for electronic security solutions in North America. This will help ensure a seamless transition for Diebold's electronic security customers, as well as drive further security innovation and services for the industries in which both companies operate.

Diebold´s North American Electronic Security business, based in Green, Ohio, USA, is the third largest commercial electronic security provider in North America. For more than 70 years, Diebold´s North American Electronic Security business has brought together technology innovations, security expertise and quality services to become a leading provider of comprehensive electronic security solutions and services to business customers. Today the operation delivers a full spectrum of capabilities including design, build, integration, installation, monitoring and service providing compelling value propositions to customers. The monitoring services include intrusion alarms, fire alarms and sprinklers, and monitoring of elevators. Diebold´s North American Electronic Security business has approximately 1 100 employees. The operation includes more than 55 000 monitored customer locations and 200 000 sites serviced.

Revenue for this business was approximately $330 million from June 30, 2014 to June 30, 2015. Diebold is retaining all its physical and consumer transaction security businesses related to its core financial market, including automated teller machine security, anti-fraud card solutions, bank branch facility and drive-up systems, and related services.

"Given the transformation that is occurring in the self-service industry, this strategic decision will enable us to accelerate our own transformation and focus on the exciting opportunities we're seeing for growth and innovation in that market," said Andy W. Mattes, Diebold president and chief executive officer.

"Over the years, we grew the electronic security business organically into one of the leading providers in the North America commercial and financial markets through innovative software and services," Mattes continued. "As a highly capable global leader in the security industry, Securitas has the scale and resources to take electronic security to the next level for our customers. We also look forward to continuing the relationship with Securitas to provide compelling expertise that further leverages our combined capabilities in services and security moving forward. This will enable a smooth transition for our customers and employees alike."

"The acquisition of Diebold's electronic security business supports Securitas's global strategy and substantially strengthens our position as the global knowledge leader in security solutions and technology. Securitas Electronic Security -- previously Diebold Electronic Security -- will continue to be a leader in the North American electronic security industry. We also plan for the North America headquarters of the electronic security business and its employees to remain based in Green, Ohio. We believe that we can leverage Diebold's electronic security expertise to the existing Securitas' customer base and offer our customers possibilities of security solutions by optimising the equation between different services," says Alf Goransson, president and CEO Securitas AB.

Diebold will provide transitional services to Securitas during the closing phase of the agreement to help ensure a smooth integration. Diebold's advisors for the transaction were Bank of America Merrill Lynch and Jones Day. Securitas was advised by K&L Gates.