Carrier to Sell Chubb Fire & Security Business to APi Group Corporation
Carrier Global Corporation, a provider of healthy, safe, sustainable and intelligent building and cold chain solutions, has agreed to sell its Chubb fire and security business to APi Group Corporation (NYSE: APG) for an enterprise value of $3.1 billion. The sale enables Carrier to focus on its core businesses and to re-allocate net proceeds consistent with its stated capital allocation priorities, including funding organic and inorganic growth, dividends, and share repurchases within a solid investment grade credit rating.
Headquartered in the United Kingdom, Chubb has approximately 13,000 employees globally and a sales and service network spanning 17 countries in Europe, Asia Pacific and Canada. The business is a globally recognized fire safety and security provider, offering customers complete services from design and installation to monitoring and ongoing maintenance.