Carrier Global to sell commercial and fire business for $3bn

Carrier Global said on Thursday that it has agreed to sell its commercial and residential fire business to an affiliate of private equity firm Lone Star Funds for $3bn.

The deal is expected to complete by the end of the year.

Carrier chairman and chief executive David Gitlin said: "The sale of our commercial and residential fire business marks a defining step in our planned business exits critical to our transformational journey to becoming a focused, agile, higher-growth, pure-play company dedicated to creating a more sustainable world for generations to come.

"I am so proud of what our deal and business teams have accomplished. We now have executed deals on all our divestitures, all signed within about a year of announcement, with a combined value of over $10 billion, representing a mid-teens EBITDA multiple in aggregate. This reflects tremendous dedication by so many, and I could not be more appreciative of our team's tireless efforts and great work."