We are advising Viessmann Group on the transaction

Davis Polk is advising Viessmann Group on the acquisition by Carrier Global Corporation of Viessmann Climate Solutions. Under the terms of the agreement, subject to working capital and other adjustments, Carrier will acquire Viessmann Climate Solutions for €12 billion, of which 80% will be in cash and 20% in Carrier common stock delivered to Viessmann Family Holdings. The Carrier and Viessmann boards of directors have each approved the acquisition, which is expected to close around the end of 2023, subject to customary closing conditions and regulatory approvals.

A privately held company with a 106-year legacy of innovation, Viessmann Climate Solutions is an iconic, premium brand in the highest growth segment of the global heat pump and energy transition markets.

Carrier Global Corporation is a global leader in intelligent climate and energy solutions that matter for people and our planet for generations to come.

The Davis Polk corporate team includes partner Leo Borchardt and associates Alexander W. Simmonds and Paavani Garg. Partner Paul D. Marquardt, counsel Will Schisa and associate Kendall Howell are providing regulatory advice. Counsel Mary K. Marks and associate Michael Kucharski are providing antitrust and competition advice. Counsel Darren Mahone is providing finance advice. Partner Ning Chiu is providing corporate governance advice. Members of the Davis Polk team are based in the London, New York and Washington DC offices.