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August 5, 2021


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Chubb Fire & Security business acquired by APi Group Corporation

APi Group Corporation has announced that it has entered into a definitive agreement to acquire the Chubb Fire & Security Business from Carrier Global Corporation for $3.1 billion.

Headquartered in the United Kingdom, Chubb has approximately 13,000 employees globally and a sales and service network spanning 17 countries serving more than 1.5 million customer sites in Europe, Asia Pacific and Canada. The business is a globally recognised fire safety and security provider, offering customers services from design and installation to monitoring and ongoing maintenance.

Russ Becker, APi’s President and Chief Executive Officer stated: “This is a very exciting day in the history of APi. We have spent a tremendous amount of time evaluating several transformative opportunities as well as more traditional acquisitions.

“With the acquisition of Chubb, we see a tremendous amount of accelerated organic growth and margin expansion opportunities across our combined platform. There is also significant opportunity to leverage Chubb’s 200+ year history of providing statutorily required and route-based services through its internationally recognised brand.”

APi Co-Chair Sir Martin E. Franklin commented: “The acquisition of Chubb transforms APi into the world’s leading life safety services provider. We believe the transaction will be highly accretive with significant synergy opportunities. Together, the business can move faster and more efficiently, globally leveraging the expertise and ability of our combined 26,000 dedicated and talented employees.”

David Blitzer, Global Head of Blackstone Tactical Opportunities, said: “We are excited to partner with the APi team by investing in this highly strategic transaction. We believe the combined companies will be well positioned for long-term success and look forward to supporting their vision to create a global market leader.”

For the trailing twelve-month period ended March 31, 2021, Chubb had revenue of approximately $2.2 billion and adjusted EBITDA of approximately $213 million. The transaction is expected to close around year-end 2021 and is subject to a consultation process and standard regulatory approvals. It will be funded through a combination of cash on hand, perpetual preferred equity financing, and debt.

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