[ad_1]
April 24 (Reuters) – Air conditioner maker Carrier Global Corp (CARR.N) is in advanced talks to acquire German industrial manufacturer Viessmann for more than $12 billion including debt, according to a source familiar with the matter.
The cash-and-stock deal could be announced as soon as this week, the source said.
Carrier and Viessmann did not immediately respond to Reuters requests for comment. Shares of Carrier fell 5.5% at $42.72 in the afternoon trading.
Viessmann’s operations in climate and energy solutions would help Carrier to diversify as it looks to add production amid supply chain snags.
The investment would fall into Florida-based Carrier’s plans to focus on deals that would help with geographic expansion and boost revenue from aftermarket services.
Viessmann, a global family business founded in 1917, runs 22 production companies in 12 countries, with more than 56% of revenue generated outside of Germany, according to the company’s website.
The news was first reported by the Wall Street Journal on Monday. It had earlier this month also reported that Carrier was looking to sell or spin off its Fire and Security business.
Reporting by Nathan Gomes in Bengaluru; Editing by Shailesh Kuber
Our Standards: The Thomson Reuters Trust Principles.
[ad_2]
Source link