Carrier Global announced that it has completed the sale of its Riello business to Ariston Group. The transaction generated gross proceeds of approximately $440 million.
Carrier said the sale reflects its disciplined portfolio management strategy as the company continues focusing resources on intelligent climate and energy solutions.
The company plans to use proceeds from the transaction to support investment in core businesses, innovation, and value creation for customers and shareowners.
Carrier is a global provider of intelligent climate and energy solutions. The company develops technologies across climate solutions, temperature control, air quality, and transportation.
Carrier’s solutions support comfort, safety, sustainability, critical industries, and the safe transport of food and medicines.
Support: BofA Securities acted as exclusive financial advisor to Carrier. Linklaters served as external legal counsel in connection with the transaction.
KEY QUOTES:
“The sale of Riello reflects Carrier’s disciplined portfolio management as we continue to focus our resources on delivering differentiated climate and energy solutions. Sale proceeds enhance our ability to invest in our core businesses, innovation and value creation for our customers and shareowners. We are grateful to the Riello team for their many contributions to Carrier and are confident that Ariston Group is well-positioned to drive the business’s next phase of growth.”
David Gitlin, Chairman and CEO of Carrier
