APi Group’s $3.1 Billion Acquisition of Carrier Global’s Chubb Fire and Security Unit

Paul, Weiss advised Carrier Global Corporation on the deal, while Kirkland & Ellis advised Blackstone. Fried Frank acted as counsel to Citi as financial advisor to APi.

Carrier Global Corporation, the leading global provider of healthy, safe, sustainable and intelligent building and cold chain solutions, completed the sale of its Chubb fire and security business to APi Group Corporation for an enterprise value of $3.1 billion. The sale will enable Carrier to focus on its core businesses and to re-allocate net proceeds consistent with its stated capital allocation priorities. The transaction is expected to close late in the fourth quarter of 2021 or early in the first quarter of 2022, subject to a consultation process and regulatory approvals.

Blackstone executed a combined $800 million investment in perpetual preferred equity, along with Viking Global Investors.

APi is a market-leading business services provider of safety, specialty and industrial services in over 200 locations worldwide. APi provides statutorily mandated and other contracted services to a strong base of long-standing customers across industries. 

The Paul, Weiss team included corporate partners Laura Turano (Picture), Scott Barshay and Caith Kushner and counsel Cristina Amodeo; tax partners Jeffrey Samuels, Robert Holo and Robert Killip and counsel Alyssa Wolpin; executive compensation partner Jean McLoughlin and counsel Nicole Tark; intellectual property partner Claudine Meredith-Goujon; litigation partners Lewis Clayton, Jaren Janghorbani and Audra Soloway and counsel Peter Jaffe, Steven Herzog and Rachel Fiorill; real estate partner Peter Fisch; environmental counsel William O’Brien; and antitrust counsel Marta Kelly.

The Kirkland team was led by corporate partners Peter Martelli, David Perechocky and David Higgins and associate Jimin He, and capital markets partner Joshua Korff and associate Alborz Tolou.

The Fried Frank team was led by corporate partner Roy Tannenbaum and included corporate partner Philip Richter.

Involved fees earner: Philip Richter – Fried Frank Harris Shriver & Jacobson; Roy Tannenbaum – Fried Frank Harris Shriver & Jacobson; Jimin He – Kirkland & Ellis; David Higgins – Kirkland & Ellis; Joshua Korff – Kirkland & Ellis; Peter Martelli – Kirkland & Ellis; David Perechocky – Kirkland & Ellis; Alborz Tolou – Kirkland & Ellis; Cristina Amodeo – Paul Weiss Rifkind Wharton & Garrison; Scott Barshay – Paul Weiss Rifkind Wharton & Garrison; Lewis Clayton – Paul Weiss Rifkind Wharton & Garrison; Rachel Fiorill – Paul Weiss Rifkind Wharton & Garrison; Peter Fisch – Paul Weiss Rifkind Wharton & Garrison; Steven Herzog – Paul Weiss Rifkind Wharton & Garrison; Robert Holo – Paul Weiss Rifkind Wharton & Garrison; Peter Jaffe – Paul Weiss Rifkind Wharton & Garrison; Jaren Janghorbani – Paul Weiss Rifkind Wharton & Garrison; Marta Kelly – Paul Weiss Rifkind Wharton & Garrison; Robert Killip – Paul Weiss Rifkind Wharton & Garrison; Caith Kushner – Paul Weiss Rifkind Wharton & Garrison; Jean McLoughlin – Paul Weiss Rifkind Wharton & Garrison; Claudine Meredith-Goujon – Paul Weiss Rifkind Wharton & Garrison; William O’Brien – Paul Weiss Rifkind Wharton & Garrison; Jeffrey Samuels – Paul Weiss Rifkind Wharton & Garrison; Audra Soloway – Paul Weiss Rifkind Wharton & Garrison; Nicole Tark – Paul Weiss Rifkind Wharton & Garrison; Laura Turano – Paul Weiss Rifkind Wharton & Garrison; Alyssa Wolpin – Paul Weiss Rifkind Wharton & Garrison;

Law Firms: Fried Frank Harris Shriver & Jacobson; Kirkland & Ellis; Paul Weiss Rifkind Wharton & Garrison;

Clients: Blackstone; Carrier Global Corporation; Citigroup Inc.;