Linklaters has advised Carrier Global Corporation on the sale of its global commercial refrigeration business to its long-time joint venture partner Haier for $775 million, including approximately $200 million of net pension liabilities. The sale follows last week’s announcement that Carrier has sold its security business, Global Access Solutions to Honeywell, for an enterprise value of $4.95bn, which the firm also advised on.
Carrier Commercial Refrigeration has more than 4,000 global employees and a sales and service network spanning Europe and the Asia Pacific region. Its brands include Profroid, Celsior and Green & Cool. Carrier is a global leader in intelligent climate and energy solutions and this sale will allow the platform to continue to build out its high growth strategic business lines.
The transaction is subject to customary closing conditions, including receipt of certain regulatory approvals, and works council consultation processes. It is expected to close in the second half of 2024.
The Linklaters deal team was led by Corporate M&A partner Derek Tong, Antitrust & Foreign Investment partner Anna Mitchell (both London), Employment and Incentives partner Matthew Devey and IP partner Julia Schönbohm (both Frankfurt).
Linklaters’ M&A practice advises corporates, financial sponsors and investment banks on their most significant and complex corporate transactions in all sectors and geographies. The firm’s end-to-end approach brings together its leading transactional expertise with the full range of specialist areas including antitrust, employment and incentives, environmental, intellectual property, pensions, tax and technology.
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