Carrier to sell commercial and residential fire business to an affiliate of Lone Star Funds for $3b

Carrier Global Corp., a global climate and energy solutions platform, entered into a definitive agreement to sell 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 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,” said David Gitlin, Carrier chairman and CEO. “I am so proud of what our deal and business teams have accomplished. We now have executed deals on all our divestitures, all signed within about a year of announcement, with a combined value of over $10 billion, representing a mid-teens EBITDA multiple in aggregate. This reflects tremendous dedication by so many, and I could not be more appreciative of our team’s tireless efforts and great work.”