This Research Note reviews Carrier’s announcement to divest its commercial and residential fire business to an affiliate of Lone Star Funds for an enterprise value of $3 Billion. This transaction is part of a series of divestments, brought about by the acquisition of Viessmann Climate Solutions. The state of play of Carrier’s portfolio transformation activities is assessed, followed by our analysis of the Carrier commercial fire detection businesses, GST, and Edwards. Series of Planned Business Exits This divestment is the last of a series of planned business exits brought about by the agreement to acquire Viessmann Climate Solutions in April 2023. Since then, there have been several divestments, including commercial refrigeration, industrial fire, and global access solutions businesses. Closing of the sale of the commercial and residential fire business is expected by the end of 2024, subject to regulatory approvals and closing conditions. Carrier Commercial and Residential Fire Business Carrier commercial and residential fire businesses […]