Carrier to acquire Viessmann Climate Solutions for €12B, plans to exit Fire & Security and Commercial Refrigeration

CARRIER GLOBAL Corp

Acquires Viessmann Climate Solutions for €12B (~13X 2023 projected synergized EBITDA); 80% cash, 20% stock.
Plans to exit Fire & Security and Commercial Refrigeration businesses over 2024; proceeds to reduce leverage and repurchase shares.
Deal expected to close around end of 2023; Max Viessmann to join Carrier board with long-term lock-up.
Acquisition accretive to adjusted EPS by year 2; ~€200M run-rate cost synergies by year 3.
Viessmann Climate Solutions 2023 forecast EBITDA ~€0.7B on ~€4B sales; heat pump market expected to triple to $15B by 2027.

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