Carrier Global Corp., an American multinational corporation for the production of heating and ventilation systems, has completed the sale of the Commercial Refrigeration Business unit to the Chinese joint venture partner Haier Group Corp. This is reported in a Carrier press release.
The transaction value was $775 million, including $200 million of net pension obligations. The proceeds from the transaction will be used to repay debt obligations.
The sale of the Refrigeration Business, along with the completed sale of Industrial Fire and Global Access Solutions and the announced sale of Commercial and Residential Fire assets, allows Carrier to focus on its core business as part of a restructuring of its asset portfolio.
At the same time, the Carrier Transicold Transport Refrigeration, Sensitech and Lynx Digital Ecosystem business units are not included in the transaction structure and remain the basis for the implementation of Carrier's strategy aimed at strengthening the company's position in the field of intelligent climate and energy solutions.
Thus, three of the four announced restructuring deals have been closed, and the completion of the Commercial and Residential Fire sale is expected at the end of 2024.
BofA Securities acted as financial advisor to Carrier, and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor.
Carrier Global Corp. — American multinational corporation for the production of heating, ventilation and air conditioning systems, refrigeration equipment, fire fighting equipment and safety equipment. The headquarters is located in Palm Beach Gardens (Florida).
Haier Group Corp. — a Chinese multinational company producing household appliances, refrigerators, air conditioners and electronics. The headquarters is located in Qingdao (Shandong Province, China).
Read also in our Telegram channel "Mergers and acquisitions. AK&M».
