QINGDAO, China, Dec. 13, 2023 /PRNewswire/ -- Haier Smart
Home entered into a stock purchase agreement with Carrier Global
Corporation (NYSE: CARR) to acquire Carrier's Commercial
Refrigeration Business ("Carrier Commercial Refrigeration") through
acquiring 100% of the equity interest in Carolin Holdings B.V.
Carrier, for total consideration of approximately USD 640 million (the "Transaction"), which
represents 11x 2022A P/E. The Transaction marks Haier Smart Home's
expansion from its existing household refrigeration business into
the commercial refrigeration business, creating additional future
growth opportunities.
Carrier Commercial Refrigeration is a leading global commercial
refrigeration solutions provider, with more than 4,000 employees,
including over 2,000 service technicians in more than ten countries
worldwide. Carrier Commercial Refrigeration boasts a large and
loyal enterprise customer base with long-term partnerships spanning
multiple years. Additionally, CCR has accumulated expertise in
technology and commercial applications related to carbon dioxide
("CO2") refrigeration.
"Carrier Commercial Refrigeration is a preeminent global
enterprise with respected brands, leading technology, and an
experienced workforce dedicated to providing best-in-class
solutions to customers globally," said Li Huagang, Chairman and CEO
of Haier Smart Home. "The acquisition will help Haier Smart Home
establish its commercial refrigeration platform, enabling the
Company to capture additional growth opportunities by expanding its
presence to food retail refrigeration and cold storage."
"Following our decision to exit the commercial refrigeration
business and a robust competitive process, we identified Haier
Smart Home as the right fit to grow the business moving forward,
building upon our successful 22-year refrigeration partnership with
them," said Carrier Chairman & CEO David Gitlin. "Executing this definitive
agreement demonstrates continued progress in our portfolio
transformation, further positioning Carrier as the global leader in
intelligent climate and energy solutions. Following completion of
our planned transactions, we will be a more focused, higher growth
business, operating in attractive global market segments and
benefiting from long-term secular tailwinds. I am deeply
appreciative of our team's work to successfully position us for our
future."
The transaction is expected to close in the second half of 2024,
and is subject to regulatory approvals and customary closing
conditions, and works council consultation processes.
Advisors for the Transaction
Lazard served as financial advisor to Haier. PwC served as
project management, financial, tax, IT, HR, and environmental due
diligence advisor. Baker & McKenzie was Haier Smart Home's
external legal counsel. Clifford
Chance and King & Wood Mallesons provided regulatory
legal advice.
About Haier Smart Home
Haier Smart Home was founded in 1984 as a subsidiary of Haier
Group and is a leading enterprise focused on providing smart and
better-lifestyle solutions, and is also the largest household
appliances maker globally. Haier Smart Home is listed on three
public stock exchanges - it became public on the 1) Shanghai Stock
Exchange in China in 1993, 2) the
Deutsche Börse Stock Exchange in 2018, and 3) the Hong Kong Stock
Exchange in 2020. Haier Smart Home has more than 100,000+ employees
worldwide, of which more than 1/3 are from regions outside of
China.
Haier Smart Home has built a portfolio of global brands
including Haier, Casarte, Leader, GE
Appliances, Candy, Fisher&Paykel and AQUA. The brand
portfolio provides customers with a customized smart home
experience and is committed to providing customers with end-to-end
and full-life-cycle services.
About Carrier
Carrier Global Corporation, global leader in intelligent climate
and energy solutions, is committed to creating solutions that
matter for people and our planet for generations to come. From the
beginning, we've led in inventing new technologies and entirely new
industries. Today, we continue to lead because we have a
world-class, diverse workforce that puts the customer at the center
of everything we do.
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