Carrier Global Corporation has completed the sale of its Riello business to Ariston Group for gross proceeds of approximately $440 million. The transaction supports Carrier’s focus on its climate and energy solutions businesses.
Carrier said the proceeds will strengthen its ability to invest in its core businesses, innovation and value creation for customers and shareowners.
BofA Securities acted as Carrier’s exclusive financial advisor, while Linklaters LLP served as external legal counsel for the transaction.
“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,” said David Gitlin, Chairman and CEO of Carrier. “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.”