CHUBB acquired by API GROUP

APi Group Corporation completed the acquisition of the Chubb fire and security business from Carrier Global Corporation on January 3, 2022, for an enterprise value of , comprising cash consideration and assumed liabilities. The transaction was announced on July 27, 2021, and transformed APi into a global life safety services provider. Chubb, headquartered in the United Kingdom, brought approximately 13,000 employees, a sales and service network across 17 countries and more than 1.5 million customer sites in Europe, Asia Pacific and Canada. For the trailing twelve-month period ended March 31, 2021, Chubb reported revenue of and an EBITDA of . The acquisition was funded through a combination of cash on hand, perpetual preferred equity financing and debt. Blackstone and Viking Global Investors committed a combined investment in perpetual preferred equity. Citi and RBC Capital Markets acted as M&A advisors, while Barclays and Citi provided committed financing. Greenberg Traurig served as M&A legal counsel and Kane Kessler as legal counsel for the debt financing. The transaction was subject to a consultation process and standard regulatory approvals before closing around year-end 2021. The strategic rationale centred on combining APi's safety services platform with Chubb's fire safety and security operations, creating a combined entity with over 26,000 employees. The transaction was expected to generate cross-selling opportunities and cost synergies, with more than half of combined revenue derived from service-based and statutorily required recurring revenue. Chubb's international brand and route-based service model were expected to complement APi's existing North American operations.