Viking Global Investors and affiliated entities report beneficial ownership of 11,537,518 shares of APi Group Corp common stock, representing 2.8% of the class based on 415,324,653 shares outstanding as of June 30, 2025. The shares are directly held by Viking Global Opportunities Illiquid Investments Sub‑Master LP (VGOP) and are reported as being under shared voting and shared dispositive power across Viking Global Investors LP, several Viking Global Opportunities entities, and three executive committee members (O. Andreas Halvorsen, David C. Ott and Rose S. Shabet). The filing states the shares were not acquired to change or influence control. Authorized signatures for the filing are dated August 14, 2025.
Positive
Clear disclosure of beneficial ownership amounting to 11,537,518 shares (2.8%)
Explicit statement that the position is not held to change or influence control
Detailed attribution showing the direct holder (VGOP) and affiliated entities with shared voting/dispositive power
Negative
None.
Insights
TL;DR: Passive disclosure of a sub‑5% stake; indicates a modest position without control intent.
The filing shows a reported beneficial ownership of 11,537,518 shares, equal to 2.8% of APi Group's outstanding stock. Ownership is routed through a Cayman sub‑master and related U.S. entities, with shared voting and dispositive power noted for the named reporting entities and three executives. The statement includes the required certification that the position is not held to influence control. For investors, this is a routine institutional disclosure documenting a material but non‑controlling stake with centralized management and shared authority across affiliated entities.
TL;DR: Governance footprint disclosed; shared authority highlights centralized decision paths within the Viking Global structure.
The report clarifies that VGOP holds the shares directly while multiple related entities and executive committee members claim beneficial ownership under Rule 13d‑3. Shared voting and dispositive powers are explicitly stated and signatures reference prior authorizations. The filing affirms no intent to alter control, which is relevant for governance monitoring. This disclosure enables issuers and investors to track coordinated ownership and potential voting blocs, despite sub‑5% size.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 7)
APi Group Corp
(Name of Issuer)
Common Stock, $0.0001 par value per share
(Title of Class of Securities)
00187Y100
(CUSIP Number)
06/30/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
00187Y100
1
Names of Reporting Persons
VIKING GLOBAL INVESTORS LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
11,537,518.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
11,537,518.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
11,537,518.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.8 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: See Item 4
SCHEDULE 13G
CUSIP No.
00187Y100
1
Names of Reporting Persons
Viking Global Opportunities Parent GP LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
11,537,518.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
11,537,518.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
11,537,518.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.8 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: See Item 4
SCHEDULE 13G
CUSIP No.
00187Y100
1
Names of Reporting Persons
Viking Global Opportunities GP LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
11,537,518.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
11,537,518.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
11,537,518.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.8 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: See Item 4
SCHEDULE 13G
CUSIP No.
00187Y100
1
Names of Reporting Persons
Viking Global Opportunities Portfolio GP LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
11,537,518.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
11,537,518.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
11,537,518.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.8 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: See Item 4
SCHEDULE 13G
CUSIP No.
00187Y100
1
Names of Reporting Persons
Viking Global Opportunities Illiquid Investments Sub-Master LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
11,537,518.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
11,537,518.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
11,537,518.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.8 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: See Item 4
SCHEDULE 13G
CUSIP No.
00187Y100
1
Names of Reporting Persons
HALVORSEN OLE ANDREAS
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
NORWAY
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
11,537,518.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
11,537,518.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
11,537,518.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.8 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: See Item 4
SCHEDULE 13G
CUSIP No.
00187Y100
1
Names of Reporting Persons
Ott David C.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
11,537,518.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
11,537,518.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
11,537,518.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.8 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: See Item 4
SCHEDULE 13G
CUSIP No.
00187Y100
1
Names of Reporting Persons
Shabet Rose Sharon
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
11,537,518.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
11,537,518.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
11,537,518.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.8 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: See Item 4
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
APi Group Corp
(b)
Address of issuer's principal executive offices:
1100 Old Highway 8 NW, New Brighton, Minnesota, 55112
Item 2.
(a)
Name of person filing:
Viking Global Investors LP ("VGI"),
Viking Global Opportunities Parent GP LLC ("Opportunities Parent"),
Viking Global Opportunities GP LLC ("Opportunities GP"),
Viking Global Opportunities Portfolio GP LLC ("Opportunities Portfolio GP"),
Viking Global Opportunities Illiquid Investments Sub-Master LP ("VGOP"),
O. Andreas Halvorsen, David C. Ott and Rose S. Shabet (collectively, the "Reporting Persons")
(b)
Address or principal business office or, if none, residence:
The business address of each of the Reporting Persons is: 600 Washington Boulevard, Floor 11, Stamford, Connecticut 06901.
(c)
Citizenship:
VGI is a Delaware limited partnership; Opportunities Parent, Opportunities GP and Opportunities Portfolio GP are Delaware limited liability companies; VGOP is a Cayman Islands exempted limited partnership; O. Andreas Halvorsen is a citizen of Norway; and David C. Ott and Rose S. Shabet are citizens of the United States.
(d)
Title of class of securities:
Common Stock, $0.0001 par value per share
(e)
CUSIP No.:
00187Y100
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
VGI: 11,537,518
VGI provides managerial services to VGOP. VGI has the authority to dispose of and vote the shares of Common Stock.
Based on Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the "Act"), VGI may be deemed to beneficially own the shares of Common Stock directly held by VGOP. VGI does not directly own any shares of Common Stock.
VGI beneficially owns 11,537,518 shares of Common Stock consisting of 11,537,518 shares of Common Stock directly and beneficially owned by VGOP.
Opportunities Parent: 11,537,518
Opportunities Parent is the sole member of Opportunities GP, which has the authority to dispose of and vote the shares of Common Stock controlled by Opportunities Portfolio GP, which consists of the shares of Common Stock directly held by VGOP. Opportunities Parent does not directly own any shares of Common Stock.
Based on Rule 13d-3 under the Act, Opportunities Parent may be deemed to beneficially own the shares of Common Stock directly held by VGOP.
Opportunities Parent beneficially owns 11,537,518 shares of Common Stock consisting of 11,537,518 shares of Common Stock directly owned by VGOP.
Opportunities GP: 11,537,518
Opportunities GP serves as the sole member of Opportunities Portfolio GP and has the authority to dispose of and vote the shares of Common Stock controlled by Opportunities Portfolio GP, which consists of the shares of Common Stock directly held by VGOP. Opportunities GP does not directly own any shares of Common Stock.
Based on Rule 13d-3 under the Act, Opportunities GP may be deemed to beneficially own the shares of Common Stock directly held by VGOP.
Opportunities GP beneficially owns 11,537,518 shares of Common Stock consisting of 11,537,518 shares of Common Stock directly owned by VGOP.
Opportunities Portfolio GP: 11,537,518
Opportunities Portfolio GP serves as the general partner of VGOP and has the authority to dispose of and vote the shares of Common Stock directly owned by VGOP. Opportunities Portfolio GP does not directly own any shares of Common Stock.
Based on Rule 13d-3 under the Act, Opportunities Portfolio GP may be deemed to beneficially own the shares of Common Stock directly held by VGOP.
Opportunities Portfolio GP beneficially owns 11,537,518 shares of Common Stock consisting of 11,537,518 shares of Common Stock directly owned by VGOP.
VGOP: 11,537,518
VGOP has the authority to dispose of and vote the 11,537,518 shares of Common Stock directly owned by it, which power may be exercised by its general partner, Opportunities Portfolio GP, and by VGI, an affiliate of Opportunities Portfolio GP, which provides managerial services to VGOP.
Viking Global Opportunities LP (a Delaware limited partnership) and Viking Global Opportunities III LP (a Cayman Islands exempted limited partnership), through its investment in Viking Global Opportunities Intermediate LP (a Cayman Islands exempted limited partnership), invest substantially all of their assets in Viking Global Opportunities Master LP (a Cayman Islands exempted limited partnership), which in turn invests through VGOP.
O. Andreas Halvorsen, David C. Ott and Rose S. Shabet: 11,537,518
Mr. Halvorsen, Mr. Ott and Ms. Shabet, as Executive Committee Members of Viking Global Partners LLC (general partner of VGI) and Opportunities Parent, have shared authority to dispose of and vote the shares of Common Stock beneficially owned by VGI and Opportunities Parent. None of Mr. Halvorsen, Mr. Ott and Ms. Shabet directly owns any shares of Common Stock.
Based on Rule 13d-3 under the Act, each may be deemed to beneficially own the shares of Common Stock directly held by VGOP.
Mr. Halvorsen, Mr. Ott and Ms. Shabet each beneficially own 11,537,518 shares of Common Stock consisting of 11,537,518 shares of Common Stock directly owned by VGOP.
(b)
Percent of class:
The percentages used herein are based on 415,324,653 shares of Common Stock outstanding as of June 30, 2025, as reported in the Issuer's quarterly report on Form 10-Q filed with the U.S. Securities and Exchange Commission (the "Commission") on July 31, 2025.
VGI: 2.8%
Opportunities Parent: 2.8%
Opportunities GP: 2.8%
Opportunities Portfolio GP: 2.8%
VGOP: 2.8%
O. Andreas Halvorsen, David C. Ott and Rose S. Shabet: 2.8%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
VGI: 0
Opportunities Parent: 0
Opportunities GP: 0
Opportunities Portfolio GP: 0
VGOP: 0
O. Andreas Halvorsen, David C. Ott and Rose S. Shabet: 0
(ii) Shared power to vote or to direct the vote:
VGI: 11,537,518
Opportunities Parent: 11,537,518
Opportunities GP: 11,537,518
Opportunities Portfolio GP: 11,537,518
VGOP: 11,537,518
O. Andreas Halvorsen, David C. Ott and Rose S. Shabet: 11,537,518
(iii) Sole power to dispose or to direct the disposition of:
VGI: 0
Opportunities Parent: 0
Opportunities GP: 0
Opportunities Portfolio GP: 0
VGOP: 0
O. Andreas Halvorsen, David C. Ott and Rose S. Shabet: 0
(iv) Shared power to dispose or to direct the disposition of:
VGI: 11,537,518
Opportunities Parent: 11,537,518
Opportunities GP: 11,537,518
Opportunities Portfolio GP: 11,537,518
VGOP: 11,537,518
O. Andreas Halvorsen, David C. Ott and Rose S. Shabet: 11,537,518
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
The response to Item 4 is incorporated by reference herein.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
VIKING GLOBAL INVESTORS LP
Signature:
/s/ Scott M. Hendler
Name/Title:
Scott M. Hendler on behalf of VIKING GLOBAL INVESTORS LP (1)(2)(3)
Date:
08/14/2025
Viking Global Opportunities Parent GP LLC
Signature:
/s/ Scott M. Hendler
Name/Title:
Scott M. Hendler on behalf of Viking Global Opportunities Parent GP LLC (1)(2)(3)
Date:
08/14/2025
Viking Global Opportunities GP LLC
Signature:
/s/ Scott M. Hendler
Name/Title:
Scott M. Hendler on behalf of Viking Global Opportunities GP LLC (1)(2)(3)
Date:
08/14/2025
Viking Global Opportunities Portfolio GP LLC
Signature:
/s/ Scott M. Hendler
Name/Title:
Scott M. Hendler on behalf of Viking Global Opportunities Portfolio GP LLC (1)(2)(3)
Date:
08/14/2025
Viking Global Opportunities Illiquid Investments Sub-Master LP
Signature:
/s/ Scott M. Hendler
Name/Title:
Scott M. Hendler on behalf of Viking Global Opportunities Illiquid Investments Sub-Master LP (1)(2)(3)
Date:
08/14/2025
HALVORSEN OLE ANDREAS
Signature:
/s/ Scott M. Hendler
Name/Title:
Scott M. Hendler on behalf of O. Andreas Halvorsen (1)
Date:
08/14/2025
Ott David C.
Signature:
/s/ Scott M. Hendler
Name/Title:
Scott M. Hendler on behalf of David C. Ott (2)
Date:
08/14/2025
Shabet Rose Sharon
Signature:
/s/ Scott M. Hendler
Name/Title:
Scott M. Hendler on behalf of Rose S. Shabet (3)
Date:
08/14/2025
Comments accompanying signature: (1) Scott M. Hendler is signing on behalf of O. Andreas Halvorsen, individually and as an Executive Committee Member of VIKING GLOBAL PARTNERS LLC, on behalf of VIKING GLOBAL INVESTORS LP, and as an Executive Committee Member of VIKING GLOBAL OPPORTUNITIES PARENT GP LLC, on behalf of itself and VIKING GLOBAL OPPORTUNITIES GP LLC, VIKING GLOBAL OPPORTUNITIES PORTFOLIO GP LLC, and VIKING GLOBAL OPPORTUNITIES ILLIQUID INVESTMENTS SUB-MASTER LP, pursuant to an authorization and designation letter dated February 9, 2021, which was previously filed with the Commission as an exhibit to a Form 13G filed by Mr. Halvorsen on February 12, 2021 (SEC File No. 005-49737).
(2) Scott M. Hendler is signing on behalf of David C. Ott, individually and as an Executive Committee Member of VIKING GLOBAL PARTNERS LLC, on behalf of VIKING GLOBAL INVESTORS LP, and as an Executive Committee Member of VIKING GLOBAL OPPORTUNITIES PARENT GP LLC, on behalf of itself and VIKING GLOBAL OPPORTUNITIES GP LLC, VIKING GLOBAL OPPORTUNITIES PORTFOLIO GP LLC, and VIKING GLOBAL OPPORTUNITIES ILLIQUID INVESTMENTS SUB-MASTER LP, pursuant to an authorization and designation letter dated February 9, 2021, which was previously filed with the Commission as an exhibit to a Form 13G filed by Mr. Ott on February 12, 2021 (SEC File No. 005-49737).
(3) Scott M. Hendler is signing on behalf of Rose S. Shabet, individually and as an Executive Committee Member of VIKING GLOBAL PARTNERS LLC, on behalf of VIKING GLOBAL INVESTORS LP, and as an Executive Committee Member of VIKING GLOBAL OPPORTUNITIES PARENT GP LLC, on behalf of itself and VIKING GLOBAL OPPORTUNITIES GP LLC, VIKING GLOBAL OPPORTUNITIES PORTFOLIO GP LLC, and VIKING GLOBAL OPPORTUNITIES ILLIQUID INVESTMENTS SUB-MASTER LP, pursuant to an authorization and designation letter dated February 9, 2021, which was previously filed with the Commission as an exhibit to a Form 13G filed by Ms. Shabet on February 12, 2021 (SEC File No. 005-49737).
How many APi Group (APG) shares does Viking Global beneficially own?
The filing reports 11,537,518 shares beneficially owned, representing 2.8% of APi Group's outstanding common stock.
Who is the direct holder of the APG shares reported in this Schedule 13G/A?
The shares are directly held by Viking Global Opportunities Illiquid Investments Sub‑Master LP (VGOP) and reported as beneficially owned by affiliated Viking entities and individuals.
Do the reporting persons claim voting or dispositive power over the APG shares?
Yes; the filing states the reporting persons have shared voting power and shared dispositive power over all 11,537,518 shares, with no sole voting or sole dispositive power.
Is the stake intended to change or influence control of APi Group?
No; the certification in Item 10 states the securities were not acquired and are not held to change or influence control of the issuer.
What ownership base was used to calculate the 2.8% figure?
The percentage is based on 415,324,653 shares of common stock outstanding as of June 30, 2025, as reported in the issuer's quarterly report.
