Carrier Global To Sell Chubb Fire And Security Business To APi Group In $3.1 Bln Deal

(RTTNews) - Carrier Global Corp. (CARR), a provider of healthy, safe, sustainable and intelligent building and cold chain solutions, agreed to sell its Chubb fire and security business to APi Group Corp. (APG) for an enterprise value of $3.1 billion.

Carrier Global said the sale enables the company 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.

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.

The proposed sale is subject to a consultation process and regulatory approvals. It is expected to close in late fourth-quarter 2021 or early first-quarter of 2022.