APi Group Corporation reports developments in its global business services platform for fire and life safety, security, elevator and escalator, and specialty services. Company news commonly covers operating results, organic growth, segment performance in Safety Services and Specialty Services, recurring inspection, service and monitoring revenue, project activity, and capital deployment through acquisitions and financing.
Updates also include shareholder voting and governance matters, investor conference participation, credit agreement and debt-financing activity, and other capital-structure disclosures tied to APi's service-focused operations and worldwide locations.
APi Group Corporation (NYSE: APG) has announced a transition in its financial leadership, with Tom Lydon stepping down as CFO and Kevin S. Krumm joining as the new Chief Financial Officer effective September 20, 2021. Krumm, who comes from org value="NYSE:ECL"Ecolab (NYSE: ECL), is anticipated to enhance APi's finance operations and support the integration of the Chubb fire and security business. The company maintains its guidance for 2021 with projected revenues between $3.65 billion and $3.75 billion.
APi Group Corporation (NYSE: APG) reported Q2 2021 net revenues of $978 million, a 10% increase from $889 million year-over-year. Adjusted net revenues rose 15.2% to the same amount, driven by market recoveries and acquisitions. Gross margin improved to 23.7%, up 415 basis points, despite supply chain disruptions. However, net income declined to $21 million from $36 million, influenced by a $9 million debt extinguishment loss. The Company expects ongoing supply chain challenges but anticipates significant growth from the planned acquisition of Chubb, aiming for increased service-based revenue.
APi Group Corporation (NYSE: APG) will release its Q2 2021 financial results on August 11, 2021, before the market opens. A conference call is scheduled for 8:30 a.m. ET the same day, featuring CEO Russ Becker, CFO Tom Lydon, and Co-Chairs James E. Lillie and Sir Martin E. Franklin. Investors can participate by dialing 877-876-9173 or via the provided webcast link. APi is a leading provider of safety and industrial services in over 200 locations across North America and Europe, serving a strong customer base.
APi Group Corporation (NYSE: APG) announced its definitive agreement to acquire Chubb Fire & Security Business from Carrier Global Corporation (NYSE: CARR) for $3.1 billion, consisting of $2.9 billion in cash and $200 million in assumed liabilities. Chubb, based in the UK, employs around 13,000 people and serves over 1.5 million customers across 17 countries. The acquisition is projected to enhance organic growth and margin expansion, strengthening APi's position in the global life safety services market, with a significant increase in service-based revenue.
Carrier Global Corporation (NYSE: CARR) has announced the sale of its Chubb fire and security business to APi Group Corporation (NYSE: APG) for an enterprise value of $3.1 billion. The transaction allows Carrier to focus on its core operations and redeploy proceeds towards growth initiatives, dividends, and share repurchases. The sale, which is subject to regulatory approvals, is expected to finalize in late Q4 2021 or early Q1 2022. Carrier asserts that its global fire and security products business remains integral to its strategy for sustainable building solutions.
APi Group Corporation (NYSE: APG) has successfully closed a private offering of $350 million in 4.125% Senior Notes due 2029, guaranteed by the Company and its subsidiaries. The proceeds will be used to pay off existing debt, cover general corporate expenses, and transaction fees. The offering complies with Rule 144A and Regulation S under the Securities Act, meaning these Notes are limited to institutional buyers and non-U.S. persons. This press release serves as a notification and not an offer to sell securities.
APi Group Corporation (NYSE: APG) has announced the upsizing of its offering of 4.125% Senior Notes due 2029, increasing the total to $350 million. This represents a $50 million increase from the initial offering. The private offering is set to close on June 22, 2021, and will be available to qualified institutional buyers and non-U.S. persons. Proceeds from the offering will primarily be used to repay outstanding debt and for general corporate needs. However, completion of the offering is not guaranteed, and the notes have not been registered under the Securities Act.
APi Group Corporation (NYSE: APG) announced a plan to offer $300 million in Senior Notes due 2029 via its subsidiary, APi Group DE, Inc. The offering is targeted at qualified institutional buyers and non-U.S. persons under Rule 144A and Regulation S of the Securities Act. The Company intends to use proceeds to repay existing debts, including a $250 million term loan and a $1.2 billion term loan, as well as for general corporate purposes. The offering is subject to market conditions and is not guaranteed to complete.
APi Group Corporation (NYSE: APG) will participate in a fireside chat at the UBS Global Industrials and Transportation Virtual Conference on June 9, 2021, at 9:00 a.m. ET. Interested parties can access the audio and presentation materials via the Investor Relations page on APi's website. The presentation will be available for replay for approximately 30 days. APi is a leading provider of safety, specialty, and industrial services in North America and Europe, focusing on statutory and contracted services for a robust customer base.
APi Group Corporation (NYSE: APG) has filed a "universal shelf" registration statement with the SEC, allowing the company to offer up to $500 million in securities, including common and preferred stock, and debt securities. While there are no immediate plans for public equity or debt raise, this strategy provides the company with flexibility for future capital market access. Additionally, a resale registration statement will enable Viking Global Opportunities to sell up to 33,333,333 shares of common stock, but APi will not receive any proceeds from these transactions.