Carrier Global To Sell Global Access Solutions Business For $4.95 Bln; Stock Up In Pre-market

(RTTNews) - Carrier Global Corporation (CARR) said on Friday that it has inked a deal to sell its Global Access Solutions business to Honeywell International Inc. (HON) for $4.95 billion.  

Following the news, CARR was trading up by 4.92 percent at $55.49 per share in the pre-market trade on the New York Stock Exchange.

The seller expects net proceeds of around $4 billion from the transaction and intends to use the same to pay down debt.

The deal is anticipated to be closed before the end of the third-quarter of 2024.

David Gitlin, CEO of Carrier, said: "The transaction, together with the planned exits of our Industrial Fire, Residential and Commercial Fire, and Commercial Refrigeration cabinet businesses, will accelerate our growth strategy and focus, positioning Carrier to deliver higher growth and superior shareholder value and further reinforcing our track record of performing while transforming."

Global Access Solutions is a provider of advanced access and security solutions, electronic locking systems, and contactless mobile key solutions.