Carrier Global entered into a definitive agreement to sell its Industrial Fire business, which includes brands Det-Tronics, Marioff, Autronica and Fireye, to Sentinel Capital Partners for an enterprise value of $1.425B. Carrier continues to prepare for the last of its four announced business exits – its combined commercial and residential fire businesses. Carrier expects net proceeds from the transaction to exceed $1.1B and intends to use the proceeds to pay down debt. The company anticipates resuming share repurchases as it returns to approximately 2X net leverage by the end of 2024. Closing is expected in Q3 and is subject to regulatory approvals and customary closing conditions.
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