Carrier To Acquire Viessmann Climate Solutions In EUR 12 Bln Deal

(RTTNews) - Carrier Global Corp. (CARR) agreed to acquire Viessmann Climate Solutions, the largest segment of Viessmann Group, in a cash and stock transaction valued at 12 billion euros.

The Carrier and Viessmann boards of directors have each approved the deal, which is expected to close around the end of 2023.

Carrier said it looks forward to welcoming its 11,000 team members to the Carrier family and Max Viessmann, CEO of Viessmann to the Carrier Board of Directors at closing, which is expected around the end of 2023.

Meanwhile, Carrier said it expects to exit its Fire & Security and Commercial Refrigeration businesses over the course of 2024.

Carrier expects to use proceeds from any separation transaction to reduce leverage consistent with an investment-grade profile and to repurchase the equivalent shares issued to the Viessmann family.

Carrier noted that the planned exits do not include UTEC, Fire & Security's controls business for residential HVAC customers or Carrier Transicold's transport refrigeration, Profroid mechanical systems and Sensitech monitoring businesses.