AZB & Partners Advises Haier Appliances on Acquisition of Commercial Refrigeration Business from Carrier Global Corporation
Haier Appliances (India) Private Limited, along with its affiliate Wonder Global (India) Technology Centre Private Limited, has successfully acquired Carrier Global Corporation’s commercial refrigeration business in India. The deal, valued at $775 million, includes approximately $200 million in net pension liabilities and represents an enterprise multiple of about 16.5 times the expected EBITDA for 2023.
The AZB & Partners team that advised Haier on this transaction included Senior Partners Anil Kasturi and Nandita Govind, Senior Associate Kanika Jaggi, and Associate Nishita Agrawal. They were supported by Senior Associate Rohit Dutta and Associates Sarthak Sharma and Vidit Parmar, particularly on the due diligence aspects.
This sale is part of Carrier’s ongoing portfolio transformation, following its recent agreement to divest its Global Access Solutions business. With this deal, Carrier continues its efforts to streamline its operations, exiting businesses that account for nearly half of its EBITDA.
Carrier Commercial Refrigeration, a global leader in refrigeration with over 4,000 employees worldwide, includes renowned brands like Profroid, Celsior, and Green & Cool. Notably, the transaction does not include Carrier Transicold’s transport refrigeration business, Sensitech, or the Lynx digital cold chain platform.
Share your news, articles, deals, columns, or press releases with us! Click the link to submit and join our platform today.
