2nd Oct 2019 17:50
(Alliance News) - J2 Acquisition Ltd has completed the acquisition of APi Group Inc, and has issued 48.9 million shares as part of the acquisition and has formerly changed its name to APi Group Corp.
In early September, J2 bought safety systems firm APi Group Inc for USD2.9 billion ahead of listing its shares in New York. The deal was funded through a combination of cash in hand, USD1.2 billion from new debt financing and the issue of 48.9 million new shares at USD10.25 each.
Of these shares, 20.2 million were issued to warrantholders, 28.4 million were issued to the sellers, and 334,622 shares were issued to the company's senior leadership. As a result of these issues, APi Group Corp has 169.9 million shares in issue.
In relation to the deal, and including rollover shares issue, Chief Executive Russel Becker, Chief Financial Officer Thomas Lyndon, and other member of APi Group Corp's senior leadership, invested around USD46.5 million in around 4.5 million new shares.
In response to the deal, shares in J2 were suspended from trading on the London Stock Exchange. The firm does not expect trading to resume on the LSE, but J2 is looking to list on the New York Stock Exchange after the deal closes in the fourth quarter of 2019.
By Anna Farley; [email protected]
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