(Bloomberg) -- APi Group Corp. is nearing an acquisition of Carrier Global Corp.’s fire-safety and security business Chubb for about $3 billion in cash, according to people familiar with the matter.
A deal could be announced as soon as Tuesday, the people said, asking not to be identified discussing confidential information. Representatives for APi and Carrier couldn’t immediately be reached for comment.
Chubb makes products such as burglar alarms and fire extinguishers. Carrier, which was spun off from United Technologies Corp. last year, is selling the company to focus on its core businesses of air conditioners, heating systems and refrigeration.
A previous attempt to offload Chubb was halted in 2019 when bids came in too low. The most recent sale process drew interest from private equity firms including Blackstone Group Inc. and CVC Capital Partners, Bloomberg News reported earlier this month.
U.S.-based industrials group APi was bought in 2019 by J2 Acquisition Ltd., an investment vehicle backed by serial dealmaker Martin E. Franklin. At the time, Franklin said he’d look to grow APi by making larger acquisitions than it had done previously.
Chubb traces its roots back to around 1818, when brothers Charles and Jeremiah Chubb invented the so-called detector lock, the first secure lock mechanism. The company operates in more than 20 countries, according to its website.
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