Carrier Global Sells Commercial and Residential Fire Business
Breaking News
August 15, 2024
Palm Beach Gardens, Fla. - Carrier Global Corporation (NYSE: CARR) announced today that it has entered into a definitive agreement to sell its commercial and residential fire business to an affiliate of Lone Star Funds for a purchase price of $1.035 billion.
The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions and regulatory approvals.
Carrier's commercial and residential fire business is a leading global provider of fire protection and detection solutions. The business has a strong track record of innovation and customer service, and it serves a diverse customer base across a variety of end markets.
The sale of the commercial and residential fire business is part of Carrier's ongoing strategy to focus on its core businesses of heating, ventilating, air conditioning, and refrigeration.
"This transaction is a major step in our ongoing transformation," said Carrier Chairman and CEO Dave Gitlin. "It will allow us to focus our resources on our core businesses, which we believe have a significant growth potential."
The sale of the commercial and residential fire business is expected to result in a non-cash gain of approximately $0.1 billion, which will be recognized in the fourth quarter of 2024.
Carrier was advised by Goldman Sachs & Co. LLC and Wachtell, Lipton, Rosen & Katz on the transaction.
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