PALM BEACH GARDENS, Fla. — Global intelligent climate and energy solutions provider Carrier Global Corporation today announced it has completed the sale of its commercial and residential fire business to an affiliate of Lone Star Funds for an enterprise value of $3 billion.
“The sale of our commercial and residential sire business is the final step in our strategic portfolio transformation, further simplifying and focusing our company, and strengthening our global leadership position in intelligent climate and energy solutions,” says Carrier chairman & CEO David Gitlin in the company announcement.
“As we enter 2025, we are laser-focused on our customers, growth, innovation and execution,” he says. “We are deeply committed to delivering unparalleled value for our customers, shareowners and employees as a higher-growth, pure-play company dedicated to improving lives and creating a more sustainable world for generations to come.”
Why Carrier Sold Commercial and Residential Fire Division
Today’s closing “marks the culmination of Carrier’s strategic portfolio transformation,” according to the company announcement, which also included the acquisition of Viessmann Climate Solutions and the divestitures of its industrial fire, access solutions and commercial refrigeration businesses.
Carrier intends to use the estimated $2.2 billion net proceeds from the sale of the commercial and residential fire business to fund share repurchases, with at least $1 billion under an accelerated share repurchase program.
Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are serving as financial advisor to Carrier. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Linklaters LLP are providing external legal counsel.
