Carrier reports it has agreed to sell its Chubb fire and security business to APi Group Corp for an enterprise value of $US3.1 billion. Carrier’s global fire and security products business is not part of the transaction.
The sale will enable Carrier to focus on core businesses and to 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.
Chubb is a leading global provider of fire safety and security solutions for an array of vertical markets, including banking and finance, commercial and offices, education, government, healthcare and more.
“Carrier continually assesses all aspects of our global portfolio to ensure alignment with our strategic business priorities and optimal value for our stakeholders,” said Carrier chairman & CEO Dave Gitlin.
“This transaction drives greater focus for Carrier and allows us to re-allocate proceeds from the divestiture toward our higher strategic imperatives. It also provides Chubb the opportunity to unlock new potential, building on its history and dedication to customer service excellence, its 200-year brand legacy and highly skilled network of global service providers and technicians. We look forward to seeing the growth potential Chubb will have under the ownership of APi Group.”
The proposed sale to APi Group Corp is subject to a consultation process and regulatory approvals, and expected to close in late 2021.
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