Apollo-backed tech services company Intrado sells Safety unit to Stonepeak

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Stonepeak said Friday it agreed to pay $2.4 billion for the Safety unit of Intrado Corp., a technology enabled services company backed by Apollo Global Management Inc. APO, -3.87%. The Safety unit specializes in 911 public emergency telecommunications services. Intrado will retain Workflows, which is part of its Life & Safety segment. Stonepeak senior managing director James Wyper said Intrado’s Safety business “represents an attractive opportunity to invest behind critical telecommunications infrastructure that underpins access to 911, a public good in the U.S.,” according to a statement. RBC Capital Markets acted as lead financial adviser to Intrado on the transaction, which is expected to close in the first quarter of 2023. Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal adviser to Intrado, while Simpson Thacher & Bartlett advised Stonepeak. Shares of Apollo Global Management are down 24.3% in 2022, compared to a 19.3% drop by the S&P 500 SPX, -0.73%.

This article was originally published by Marketwatch.com. Read the original article here.

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