Blackstone Files 13D/A Amendment for APi Group Corp
Ticker: APG · Form: SC 13D/A · Filed: Mar 1, 2024 · CIK: 1796209
Sentiment: neutral
Topics: ownership-change, sec-filing, amendment
TL;DR
Blackstone just updated their stake in APi Group Corp. Watch this space.
AI Summary
On March 1, 2024, Blackstone Holdings III L.P. filed an SC 13D/A amendment concerning APi Group Corp. This filing indicates a change in beneficial ownership, with Blackstone entities listed as group members. The filing does not specify a dollar amount or a precise date of change beyond the filing date.
Why It Matters
This filing signals a potential shift in control or significant stakeholding by a major investment firm in APi Group Corp, which could influence the company's strategic direction.
Risk Assessment
Risk Level: medium — Changes in beneficial ownership by large investment firms can indicate strategic moves that may impact stock price and company operations.
Key Players & Entities
- Blackstone Holdings III L.P. (company) — Filer of the SC 13D/A amendment
- APi Group Corp (company) — Subject company of the filing
- Blackstone Group Management L.L.C. (company) — Group member listed in the filing
- Stephen A. Schwarzman (person) — Listed as a group member
FAQ
What specific change in beneficial ownership is being reported by Blackstone Holdings III L.P. for APi Group Corp?
The filing is an amendment (SC 13D/A) and indicates a change in beneficial ownership, but the specific percentage or number of shares acquired or disposed of is not detailed in the provided text.
When was the most recent change in beneficial ownership reported?
The 'DATE AS OF CHANGE' is listed as 20240301, indicating the change occurred on or before March 1, 2024.
What is the primary business of APi Group Corp?
APi Group Corp's Standard Industrial Classification is 'CONSTRUCTION SPECIAL TRADE CONTRACTORS [1700]'.
Which Blackstone entities are listed as group members in this filing?
Multiple Blackstone entities are listed, including Blackstone Group Management L.L.C., Blackstone Holdings I/II GP L.L.C., Blackstone Holdings II L.P., Blackstone Holdings III GP L.P., Blackstone Holdings III GP Management L.L.C., Blackstone Inc., Blackstone Juno Holdings L.P., Blackstone Tactical Opportunities Associates III - NQ L.P., Blackstone Tactical Opportunities Associates L.L.C., Blackstone Tactical Opportunities Fund - FD L.P., BTO DE GP - NQ L.L.C., BTO Holdings Manager L.L.C., BTOA L.L.C., FD Juno Holdings L.P., FD Juno Holdings Manager L.L.C., Juno Holdings Manager L.L.C., and Juno Lower Holdings L.P.
What is the business address and phone number for APi Group Corp?
The business address for APi Group Corp is C/O API GROUP, INC., 1100 OLD HIGHWAY 8 NW, NEW BRIGHTON, MN 55112, and the business phone number is 651-636-4320.
Filing Stats: 4,622 words · 18 min read · ~15 pages · Grade level 7.8 · Accepted 2024-03-01 21:20:58
Key Financial Figures
- $0.0001 — me of Issuer) Common Stock, par value $0.0001 per share (Title of Class of Securiti
- $24.60 — rred Shares, at the conversion price of $24.60 per share of Common Stock, (ii) the Com
- $36.90 — Holdings, respectively, for a price of $36.90 per share and an aggregate purchase pri
- $600 million — gregate purchase price of approximately $600 million (the Share Repurchase ), with the Black
- $450 million — ckstone Parties receiving approximately $450 million in value and the Viking Parties receivi
- $75 million — Viking Parties receiving approximately $75 million in value. Juno Lower H
Filing Documents
- d744088dsc13da.htm (SC 13D/A) — 304KB
- d744088dex993.htm (EX-99.3) — 186KB
- 0001193125-24-056405.txt ( ) — 493KB
of the
Item 4 of the Schedule 13D is hereby amended to include the following at the end thereof: Conversion and Repurchase Agreement On February 28, 2024, the Company entered into a Conversion and Repurchase Agreement (the Conversion and Repurchase Agreement ) with Juno Lower Holdings, FD Juno Holdings (together, the Blackstone Parties ), Viking Global Equities Master Ltd., a Cayman Islands exempted company ( VGEM ), and Viking Global Equities II LP, a Delaware limited partnership ( VGE II and, collectively with VGEM, the Viking Parties and the Viking Parties collectively with the Blackstone Parties, the Series B Holders and each, a Series B Holder ). Pursuant to the Conversion and Repurchase Agreement, (i) each of the Series B Holders exercised its respective right to effect an Optional Conversion (as defined in the Certificate of Designation (as defined below)) pursuant to the Certificate of Designation (the Certificate of Designation ) of the Companys 5.5% Series B Perpetual Convertible Preferred Stock, par value $0.0001 per share ( Series B Preferred Shares ), with respect to all of such Series B Holders Series B Preferred Shares, at the conversion price of $24.60 per share of Common Stock, (ii) the Company issued to the Series B Holders an aggregate of 32,803,519 shares of Common Stock upon conversion (inclusive of 283,196 shares attributable to accrued and unpaid dividends thereon), of which 24,299,619 and 303,022 shares of Common Stock were issued to Juno Lower Holdings and FD Juno Holdings, respectively, and (iii) the Company immediately thereafter repurchased an aggregate of 16,260,160 shares of Common Stock from the Series B Holders, of which 12,044,918 and 150,203 shares of Common Stock were repurchased from Juno Lower Holdings and FD Juno Holdings, respectively, for a price of $36.90 per share and an aggregate purchase price of approximately $600 million (the Share Repurchase ), with the Blackstone Parties receiving approximately $450 million in value and t