Carrier Global to pay down debt with $4 billion of sale proceeds

By Mary-Katherine Stinson

Lexington, Ky., Dec. 8 – Carrier Global Corp. intends to use the proceeds from the sale of its security business to pay down debt, according to a press release.

Carrier reached a definitive agreement to sell Global Access Solutions to Honeywell for an enterprise value of $4.95 billion, which represents about 17x 2023 expected EBITDA.

Carrier expects net proceeds from the transaction to be roughly $4 billion.

The proposed sale is subject to regulatory approvals and customary closing conditions. It is expected to close before the end of the third quarter.

Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are serving as financial advisor to Carrier. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Linklaters LLP are providing external legal counsel.

Farmington, Conn.-based Carrier Global is a heating and cooling systems provider.

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