NEW BRIGHTON, Minn. - APi Group Corporation (NYSE:APG), a leading provider of life safety, security, and specialty services, has announced the upsize and pricing of its public offering of common stock.
The offering, which was initiated by affiliated funds of Blackstone (NYSE:BX) Inc. and Viking Global Investors LP, has been priced at $34.25 per share. The two funds, collectively known as the Selling Stockholders, received these shares upon converting their Series B Preferred Shares.
The public offering includes 10,569,106 shares of common stock, and the Selling Stockholders have also granted underwriters a 30-day option to purchase up to an additional 1,585,365 shares. APi Group itself is not selling any shares and will not receive any proceeds from the offering. The transaction is expected to close around March 5, 2024, subject to standard closing conditions.
UBS Investment Bank and Citigroup are serving as the joint lead book-running managers for the offering. Other financial institutions, including Baird, Barclays, BofA Securities, Jefferies, J.P. Morgan Securities LLC, Blackstone Securities Partners L.P., and CJS Securities, are also involved in various capacities.
The shares of common stock are being sold pursuant to a shelf registration statement filed with the Securities and Exchange Commission (SEC) on January 3, 2022, and declared effective on January 7, 2022.
APi Group, with over 500 locations worldwide, has a strong base of long-standing customers and provides a variety of essential services across industries. The company emphasizes its leadership culture and commitment to delivering innovative solutions to its customers.
The information in this article is based on a press release statement.
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