CARR - Is Carrier Corporation Making a Huge Mistake?
2023-05-01 09:17:00 ET
Well, it's official now.
Less than 48 hours after The Wall Street Journal first reported that HVAC giant Carrier Corporation (NYSE: CARR) was in "talks" to acquire privately held German rival Viessmann Climate Solutions for "more than $10 billion," Carrier itself confirmed the deal in a press release Tuesday night -- with one caveat: The actual purchase price won't be $10 billion, but rather 12 billion euros (i.e. $13.2 billion), paid in cash and stock.
Investors don't seem overly enthused by the news. Carrier shares sank 3.5% after Carrier confirmed the reports (although the fact that Carrier also reported a 72% year-over-year decline in quarterly profit may have also contributed to investors' dismay).
For further details see:
Is Carrier Corporation Making a Huge Mistake?