Carrier to sell Global Access Solutions to Honeywell for $4.95B

CARRIER GLOBAL Corp

Enterprise value $4.95B, representing ~17x 2023 expected EBITDA.
Net proceeds ~$4B to be used to pay down debt; share repurchases resume when net leverage ~2x EBITDA.
Expected close before end of Q3 2024, subject to regulatory approvals and customary conditions.
Business includes LenelS2, Supra, Onity brands; ~1,200 employees in 33 countries.
First step in portfolio transformation; planned exits of Industrial Fire, Commercial Fire, and Commercial Refrigeration cabinet businesses.

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