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 successfully completed the acquisition of Chubb's fire and security business from Carrier Global Corporation (NYSE: CARR) for an enterprise value of $3.1 billion. This strategic move aims to enhance APi's position as a global leader in life safety services, with a focus on recurring revenue. Chubb, employing approximately 13,000 globally, operates in 17 countries, serving over 1.5 million customer sites. The acquisition is expected to drive revenue growth through cross-selling opportunities and synergies.
APi Group Corporation (NYSE: APG) updated its 2021 financial guidance, now expecting net revenues of at least $3.8 billion, up from previous guidance of $3.65 to $3.75 billion. The acquisition of the Chubb fire and security business is on track to close in early January. Despite supply chain disruptions and inflation, the company remains confident in achieving its adjusted EBITDA guidance of $405 million for 2021. Initial guidance for 2022 will be provided in February 2022.
APi Group Corporation (NYSE: APG) reported strong financial results for Q3 2021, with net revenues of $1 billion, a 9.3% increase year-over-year. Organic growth was particularly robust, reaching 13.4%, bolstered by Safety and Specialty Services. Adjusted EBITDA was $125 million, reflecting a slight decline in margin to 11.9% due to supply chain issues. The company is on track to close its acquisition of Chubb fire and security around year-end 2021. Net income was $19 million, down from $27 million in the prior year, largely due to increased share count. Overall, APG is well-positioned for future growth.
APi Group Corporation (NYSE: APG) has announced its intent to release third quarter 2021 financial results on November 10, 2021. Due to a recent public offering of 22,716,049 shares, the expected diluted weighted average shares for Q3 is approximately 210 million. The company anticipates net revenues will meet the higher end of analysts' expectations for the period ending September 30, 2021. A conference call will follow the earnings release to discuss results.
APi Group Corporation (NYSE: APG) has completed a private offering of $300 million in 4.750% Senior Notes due 2029 through its subsidiary APi Escrow Corp. The proceeds will be used for the upcoming acquisition of Chubb Limited, which is expected to close by year-end 2021. The funds are placed in an escrow account until conditions are met. If not met by October 27, 2022, the funds will be used to redeem the Notes. The offering is aimed at qualified institutional buyers and has not been registered under the Securities Act.
APi Group Corporation (NYSE: APG) announced a private offering of $300 million in 4.750% Senior Notes due 2029. The offering is set to close on October 21, 2021, and proceeds will partially fund the acquisition of Chubb Limited, expected to close by year-end 2021. Funds will be held in escrow until acquisition conditions are met, after which the Notes will be merged with a subsidiary, APi Group DE, Inc. There is no guarantee that the offering will be completed on its specified terms.
APi Group Corporation (NYSE: APG) announced its subsidiary, APi Escrow Corp., plans to offer $300 million in Senior Notes due 2029 in a private offering. The net proceeds will help finance the acquisition of Chubb Limited, expected to close around year-end 2021. If the acquisition does not close by October 27, 2022, the notes will be redeemed at a special mandatory redemption price. The offering is aimed at qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S.
APi Group Corporation (NYSE: APG) closed its public offering of 22,716,049 shares at $20.25 per share, raising approximately $460 million. This includes the underwriters' full exercise of their option for additional shares. APi plans to use the proceeds for general corporate purposes, such as acquisitions and capital expenditures. The offering was managed by Citigroup and Barclays, among others. The registration statement was effective as of May 21, 2021. This offering is part of APi's ongoing strategy to strengthen its market position.
APi Group Corporation (NYSE: APG) has priced an underwritten public offering of 19,753,087 shares of its common stock at $20.25 per share, generating approximately $400 million in gross proceeds. The offering includes a 30-day option for underwriters to purchase an additional 2,962,962 shares. Funds raised will support general corporate purposes, including possible acquisitions and working capital, with the transaction expected to close around September 17, 2021.
APi Group Corporation (NYSE: APG) has launched an underwritten public offering of $400 million in common stock, with a 30-day option for underwriters to purchase more shares. The proceeds will be utilized for general corporate purposes, including potential acquisitions and capital expenditures. The offering's size and completion depend on market conditions. Citigroup and Barclays are the joint book-running managers, with several other financial institutions also involved. The offering follows a previously filed shelf registration statement with the SEC.