Blackstone Group L.P. agreed to sell its U.S. security services business, AlliedBarton, to French investment firm Wendel for about $1.67 billion.

Blackstone bought AlliedBarton in 2008. Founded in 1957, AlliedBarton provides security officers and managers to a variety of industries, including commercial real estate, higher education and health care.

The deal is expected to close later this year.

Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com

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