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News & Updates at Ramsey County CED
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  3. New Brighton-based APi Group buys Carrier's Chubb unit for $3.1 billion
New Brighton-based APi Group buys Carrier's Chubb unit for $3.1 billion main photo

New Brighton-based APi Group buys Carrier's Chubb unit for $3.1 billion

July 28, 2021

APi Group Inc., which was taken public in 2019 with the goal of pursuing bigger acquisition targets, on Tuesday announced one of the biggest M&A deals by a Minnesota company this year, buying fire and security business of Carrier Global Corp. for $3.1 billion.

The deal between New Brighton-based APi (NYSE: APG) and Carrier (NYSE: CARR) is comprised of $2.9 billion cash and approximately $200 million in assumed debt and other adjustments. APi will also receive $800 million in perpetual equity from Blackstone and Viking Global Investors.

The acquisition of U.K.-based Chubb, which makes products like fire extinguishers and burglar alarms, employs 13,000 people and had revenue of about $2.2 billion in the 12 months ending March 31.

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