(Reuters) - U.S. security company Brinks Co (BCO.N) is mulling a more than 1 billion pound ($1.23 billion) takeover of the cash solutions business of G4S Plc (GFS.L), Sky News reported on Friday, sending the British company’s shares as much as 9% higher.
G4S said in August it would look at offers for all or part of its cash transport business after its board approved hiving it off into a separate company in the first half of 2020.
Brinks Co is one of the prospective bidders that have approached the world’s largest private security firm about buying its cash solutions arm, according to the report.
The unit has 30,000 staff and booked annual revenue of 1.2 billion pounds, which accounted for a third of the FTSE 250 company’s profit.
G4S declined to comment to a Reuters request, while Brinks did not immediately comment.
Shares of G4S were up 6% to 186.20 pence as of 1258 GMT.
Reporting by Yadarisa Shabong and Justin George Varghese in Bengaluru; Editing by Saumyadeb Chakrabarty and Arun Koyyur