08:33 AM EDT, 04/15/2024 (MT Newswires) -- APi Group ( APG ) said Monday it signed a definitive deal to acquire Elevated Facility Services Group for about $570 million in cash.

The transaction is expected to close in Q2, APi said, adding that acquiring Elevated will contribute approximately $220 million in annual revenue.

APi also raised the lower end of its outlook for Q1 net revenue to $1.59 billion to $1.61 billion, from $1.56 billion to $1.61 billion previously. Analysts surveyed by Capital IQ are expecting $1.60 billion.

APi shares were 2.4% higher in premarket trading.