Carrier: Announces Viessmann Acquisition and Fire and Security and Refrigeration Divestitures

After the April 25 market close, Carrier Global confirmed that it will acquire Germany-based Viessmann Climate Solutions and divest most of its fire and security and commercial refrigeration businesses. The Wall Street Journal’s April 24 report of the imminent Viessmann acquisition sent Carrier’s stock 7% lower that day as the market was likely uncomfortable with the deal’s size (EUR 12 billion), valuation (17 times 2023 EBITDA excluding synergies), and timing (ahead of a potential recession).