On April 25, 2023, Carrier Global Corporation announced its acquisition of Viessmann Climate Solutions, a segment of Viessmann Group, in a $18 billion (€12 billion) cash and stock transaction. This acquisition, which is expected to close by the end of 2023, positions Carrier as a global leader in intelligent climate and energy solutions. Viessmann Climate Solutions, known for its premium brand and innovative products, specializes in heat pumps, solar PV, batteries, and services. The deal, valued at approximately 13X Viessmann's projected 2023 EBITDA, will see Max Viessmann joining Carrier's Board of Directors.

Simultaneously, Carrier announced plans to exit its Fire & Security and Commercial Refrigeration cabinet businesses to simplify its portfolio and focus on climate solutions. This strategic shift follows previous actions such as acquiring Toshiba Carrier Corporation and selling Chubb.

J.P. Morgan Securities LLC acted as financial advisor, with Paul, Weiss, Rifkind, Wharton & Garrison LLP and Linklaters LLP serving as legal advisors to Carrier. Torys LLP acted as Canadian counsel to Carrier. Goldman Sachs & Co. LLC advised Viessmann, with Hengeler Mueller and Davis Polk & Wardwell as legal advisors. The transaction is expected to enhance Carrier's growth profile, be accretive to adjusted EPS by 2025, and generate significant synergies.