(RTTNews) - Shares of business services provider of safety, specialty and industrial services, APi Group Corporation (APG) are rising more than 12% Tuesday morning after company agreed to acquire the Chubb Fire & Security Business from Carrier Global Corporation (CARR).
The total enterprise value for the transaction is at $3.1 billion, including $2.9 billion cash and about $200 million of assumed liabilities and other adjustments.
"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," said Pi Co-Chair Sir Martin E. Franklin.
For the trailing twelve-month period ended March 31, 2021, Chubb had revenue of about $2.2 billion and adjusted EBITDA of nearly $213 million.
The transaction is expected to close by the end of 2021.
APG touched a new high of $23.57 this morning, before slipping to trade at $22.95 currently.
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