APi Group Completes Acquisition of Chubb Fire & Security Business
03 Janvier 2022 - 10:01PM
Business Wire
-Transforms APi into world’s leading life
safety services provider-
-Strengthens recurring revenue, services
focused business model-
APi Group Corporation (NYSE: APG) (“APG”, “APi” or the
“Company”) today announced that it has completed its previously
announced acquisition of the Chubb fire and security business
(“Chubb”) from Carrier Global Corporation (NYSE: CARR) for an
enterprise value of $3.1 billion, which is comprised of $2.9
billion cash and approximately $200 million of assumed liabilities
and other adjustments.
Headquartered in the United Kingdom, Chubb has approximately
13,000 employees globally and a sales and services network spanning
17 countries serving more than 1.5 million customer sites in Asia
Pacific, Canada and Europe. The business is a globally recognized
fire safety and security services provider, offering customers
complete and reliable services from design and installation to
monitoring and on-going maintenance and recurring services.
Russ Becker, APi’s President and Chief Executive Officer stated:
“Today we welcome the 13,000 employees of Chubb to the APi family
and begin the work of swiftly integrating Chubb into APi and
leveraging the opportunities this acquisition creates. We begin
2022 as the world’s leading life safety services provider. Since
announcing the acquisition on July 27, 2021, the level of
excitement from our international customers and our teams about the
opportunities the combined platform will bring has been extremely
encouraging. This validates our belief that the transaction will be
highly accretive with compelling synergies and that it will help
accelerate revenue growth through cross-selling certain products
and services.
We couldn’t be more excited about the prospects of working with
such a talented, international leadership team that believes in the
same values and has the same employee and customer focus we do at
APi. As the Chubb business shifts from being a non-core asset to
one that is a paramount strategic priority within APi, we believe
the business will move faster and more efficiently, globally
leveraging the expertise and ability of our combined 26,000
dedicated and talented team members.”
APi Co-Chair James E. Lillie added: “The completion of the
acquisition of Chubb is an exciting milestone as we continue our
evolution and growth as a public company. The acquisition creates
another new chapter for APi, while also continuing our original
investment thesis in creating value as the global leader in life
safety services concentrating the majority of the business on
statutorily-mandated, recurring service revenue. We are excited by
the near-term and long-term opportunities for APi and believe there
is significant future value creation potential as we combine our
two organizations and realize revenue as well as cost synergies. We
believe our services and statutorily-focused business model is well
positioned to be successful as the market confronts certain supply
chain disruptions, inflationary cost pressure and the impact of the
Omicron COVID-19 variant. We look forward to updating you
throughout the year and as we cross key milestones.”
About APi:
APi is a market-leading business services provider of safety and
specialty services in over 200 locations worldwide. APi provides
statutorily mandated and other contracted services to a strong base
of long-standing customers across industries. We have a winning
leadership culture driven by entrepreneurial business leaders to
deliver innovative solutions for our customers. More information
can be found at www.apigroupcorp.com.
Forward-Looking Statements and
Disclaimers
Certain statements in this announcement are forward-looking
statements which are based on the Company’s expectations,
intentions and projections regarding the Company’s future
performance, anticipated events or trends and other matters that
are not historical facts, including expectations regarding: (i) the
potential benefits of the acquisition of the Chubb fire and
security business, including the global expansion of the Company’s
business, expectations that the acquisition of Chubb will be highly
accretive with compelling synergies, revenue growth through
cross-selling and synergistic opportunities and future value
creation and (ii) the Company’s belief that its services and
statutorily-focused business model will be successful in
confronting certain supply chain disruptions, inflation and the
Omicron COVID-19 variant. These statements are not guarantees of
future performance and are subject to known and unknown risks,
uncertainties and other factors that could cause actual results to
differ materially from those expressed or implied by such
forward-looking statements, including: (i) economic conditions,
competition and other risks that may affect the Company’s future
performance, including the impacts of the COVID-19 pandemic on the
Company’s business, markets, supply chain, customers and workforce,
on the credit and financial markets, on the alignment of expenses
and revenues and on the global economy generally; (ii) failure to
realize the anticipated benefits of the acquisition of Chubb; (iii)
changes in applicable laws or regulations; (iv) the possibility
that the Company may be adversely affected by other economic,
business, and/or competitive factors; and (v) other risks and
uncertainties. Given these risks and uncertainties, prospective
investors are cautioned not to place undue reliance on
forward-looking statements. Forward-looking statements speak only
as of the date of such statements and, except as required by
applicable law, the Company does not undertake any obligation to
update or revise publicly any forward-looking statements, whether
as a result of new information, future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220103005355/en/
Investor Relations Inquiries: Olivia Walton Vice
President of Investor Relations Tel: +1 651-604-2773 Email:
investorrelations@apigroupinc.us
Media Contact: Liz Cohen Kekst CNC Tel: +1 212-521-4845
Email: Liz.Cohen@kekstcnc.com
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