USA: Carrier is to sell its remaining shares in the Swedish refrigeration and air conditioning wholesaler Beijer Ref for $1.1bn.
The US manufacturer says it has signed a definitive agreement to sell its remaining A and B shares in Beijer Ref to a fund managed by global investment firm EQT.
The sale follows an accelerated equity offering that occurred in September through which Carrier sold 9.25 million B shares of Beijer Ref and received proceeds of approximately $300m. Under the terms of the agreement with EQT, Carrier’s remaining interest will be sold for a total value of approximately $1.1bn. The transaction is expected to close by the end of this month.
“The sale of our stake in Beijer follows our deliberate and consistent approach to capital allocation and portfolio management. We have determined that we can create more value for our shareowners by deploying the net cash proceeds toward our growth initiatives and debt reduction activities than by maintaining a passive interest. We look forward to continuing our longstanding distribution relationship with Beijer,” said Carrier president & CEO Dave Gitlin.
Beijer Ref’s acquisition of Carrier’s refrigeration wholesale operations in Europe and South Africa in 2009 gave Carrier 41.5% of the capital in the company and 33.3% of the votes.
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Carrier reduces stake in Beijer Ref – 23 September 2020
USA: Carrier has sold 9.25 million B shares, valued at around $300m, in the Swedish refrigeration and air conditioning wholesaler Beijer Ref. Read more…
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source https://www.coolingpost.com/world-news/carrier-to-sell-beijer-ref-stake-for-1-1bn/
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