15.08.2024 13:18:30

Carrier To Sell Commercial And Residential Fire Business To Affiliate Of Lone Star For $3 Bln

(RTTNews) - Carrier Global Corp. (CARR) announced on Thursday that it has reached a definitive agreement to divest its Commercial and Residential Fire business to an affiliate of Lone Star Funds, for an enterprise value of $3 billion.

The company stated that this sale is a key component of its ongoing portfolio transformation, which includes the recent acquisition of Viessmann Climate Solutions and other divestitures amounting to over $10 billion in total value. As a result of these transactions, Carrier has decreased its net debt by more than $5 billion.

The company also intends to allocate $2.2 billion in net proceeds from this transaction towards share repurchases.

The closing of the deal is anticipated by the end of 2024, pending regulatory approvals.

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