Carrier (US:CARR) Prnewswireยท2024-07-02 10:55Core Viewpoint - Carrier Global Corporation has completed the sale of its Industrial Fire business to Sentinel Capital Partners for an enterprise value of $1.425 billion, with net proceeds expected to be used to pay down debt and return to approximately 2x net leverage by the end of 2024 [1][2]. Group 1: Business Transactions - The sale of the Industrial Fire business is part of Carrier's portfolio transformation process, marking the second completed sale [2]. - The company expects to close the sale of its Commercial Refrigeration segment by the end of Q3 2024, with the sale process for Commercial and Residential Fire progressing as planned [1][2]. Group 2: Financial Strategy - Carrier intends to utilize the net proceeds from the Industrial Fire sale to reduce its debt levels, aiming for a net leverage ratio of around 2x by the end of 2024 [2]. - The company also plans to resume share repurchases in 2024 [2]. Group 3: Advisory and Legal Support - Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are serving as financial advisors to Carrier for the transaction [3]. - External legal counsel is being provided by Paul, Weiss, Rifkind, Wharton & Garrison LLP and Linklaters LLP [3].