Carrier Sells Fire Business to Lone Star

Carrier Global Corporation has entered into a definitive agreement to sell its Commercial and Residential Fire business to an affiliate of Lone Star Funds for $3 billion. This sale marks a critical milestone in Carrier’s portfolio transformation, following the acquisition of Viessmann Climate Solutions in January and the successful divestitures of its Industrial Fire and Global Access Solutions businesses. Carrier Chairman & CEO David Gitlin said, “The sale of our Commercial and Residential Fire business marks a defining step in our planned business exits critical to our transformational journey to becoming a focused, agile, higher-growth, pure-play company dedicated to creating a more sustainable world for generations to come.”

The Commercial Refrigeration sale is on track to close around the end of the third quarter.

Closing of the Commercial and Residential Fire business is expected by the end of 2024, subject to regulatory approvals and customary closing conditions. Following the acquisition of Viessmann Climate Solutions, Carrier has reduced its net debt through the repayment of outstanding term loans and notes. As a result of significant de-leveraging this year, Carrier expects to redeploy the estimated $2.2 billion in net proceeds from the transaction towards share repurchases.

Carrier sells fire unit to Lone Star

Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are serving as financial advisors to Carrier.

Paul, Weiss, Rifkind, Wharton & Garrison LLP and Linklaters LLP are providing external legal counsel. Carrier Global Corporation is committed to creating solutions that matter for people and our planet for generations to come. From the beginning, they’ve led in inventing new technologies and entirely new industries.

Today, they continue to lead because they have a world-class, diverse workforce that puts the customer at the center of everything they do.