APi Group to Acquire Summit Companies' Safety Services Business
Ticker: APG · Form: 8-K · Filed: Jun 4, 2024 · CIK: 1796209
| Field | Detail |
|---|---|
| Company | Api Group CORP (APG) |
| Form Type | 8-K |
| Filed Date | Jun 4, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.0001, $570 m |
| Sentiment | neutral |
Sentiment: neutral
Topics: acquisition, business-combination, strategic-expansion
Related Tickers: APG
TL;DR
APi Group is buying Summit's safety biz to boost its own. Deal expected Q3.
AI Summary
APi Group Corp. announced on June 3, 2024, that it has entered into a definitive agreement to acquire the Safety Services business of Summit Companies for an undisclosed amount. This acquisition is expected to enhance APi Group's existing safety services offerings and expand its geographic reach. The transaction is anticipated to close in the third quarter of 2024, subject to customary closing conditions.
Why It Matters
This acquisition signals APi Group's strategic expansion in the safety services sector, potentially leading to increased market share and diversified revenue streams.
Risk Assessment
Risk Level: medium — Acquisitions carry inherent risks, including integration challenges, potential overpayment, and failure to achieve expected synergies.
Key Players & Entities
- APi Group Corp. (company) — Acquiring company
- Summit Companies (company) — Target company's parent
- Safety Services business (company) — Business being acquired
- June 3, 2024 (date) — Date of agreement
- third quarter of 2024 (date) — Expected closing period
FAQ
What is the specific purchase price for the Safety Services business of Summit Companies?
The filing does not disclose the specific purchase price for the Safety Services business of Summit Companies.
When is the acquisition expected to be completed?
The acquisition is anticipated to close in the third quarter of 2024.
What is the strategic rationale behind this acquisition for APi Group Corp.?
The acquisition is expected to enhance APi Group's existing safety services offerings and expand its geographic reach.
Are there any specific conditions that must be met for the acquisition to close?
Yes, the transaction is subject to customary closing conditions.
Does this filing include any financial statements related to the acquisition?
The filing indicates that Financial Statements and Exhibits are included, but the specific details of financial statements related to the acquisition are not detailed in the provided text.
Filing Stats: 503 words · 2 min read · ~2 pages · Grade level 12.5 · Accepted 2024-06-04 15:43:48
Key Financial Figures
- $0.0001 — ch registered Common Stock, par value $0.0001 per share APG The New York Stock Exchan
- $570 m — ared Capital Partners for approximately $570 million, subject to certain standard adju
Filing Documents
- apg-20240603.htm (8-K) — 27KB
- apg-2024604xexx991.htm (EX-99.1) — 30KB
- img23227469_0.jpg (GRAPHIC) — 4KB
- 0001628280-24-026540.txt ( ) — 189KB
- apg-20240603.xsd (EX-101.SCH) — 2KB
- apg-20240603_lab.xml (EX-101.LAB) — 21KB
- apg-20240603_pre.xml (EX-101.PRE) — 12KB
- apg-20240603_htm.xml (XML) — 3KB
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure On June 3, 2024, APi Group Corporation (NYSE: APG) ("APi" or the "Company") completed the previously announced acquisition of Elevated Facility Services Group from a fund managed by L Squared Capital Partners for approximately $570 million, subject to certain standard adjustments. The Company also updated full year 2024 financial guidance. The information furnished under Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing
01 - Financial Statements and Exhibits
Item 9.01 - Financial Statements and Exhibits (d): The following exhibits are being filed herewith: Exhibit No. Description 99.1 Press Release Issued by APi Group Corporation on June 4 , 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. APi Group Corporation Date: June 4, 2024 By: /s/ Kevin S. Krumm Name: Kevin S. Krumm Title: Chief Financial Officer