Schoenherr advised the Carrier Global Corporation (Carrier), a provider of intelligent climate and energy solutions, on its acquisition of Viessmann Climate Solutions, alongside Linklaters. The cash and stock transaction is valued at EUR12bln and is the largest transaction in the German M&A market to date this year.
The transaction is expected to close in late 2023, subject to antitrust and other conditions. The acquisition will help Carrier create a comprehensive and differentiated suite of sustainable technologies and services in the energy transition market, transforming the company into a global leader in intelligent climate and energy solutions in all major geographies.
The Schoenherr team advised Carrier throughout the transaction process as local counsel in the Austrian, Hungarian, Slovak, Czech, Romanian and Serbian jurisdictions. Linklaters LLP acted as lead counsel.
Based inPalm Beach Gardens, Florida, Carrier Global Corporationis an Americanmultinationalheating, ventilation and air conditioning(HVAC),refrigeration, and fire and security equipment company with over 52,000 employees serving customers in 160 countries on six continents.
The family company Viessmann was founded in 1917 as a local garage for heating technology. Today, it has become a global, broadly diversified group with over 14,500 members and total annual revenue of over EUR4bln. The Climate Solutions and Refrigeration Solutions business areas include sustainable solutions in heating, cooling, water and air quality.
The Schoenherr team was led by Roman Perner (partner) and Michael Marschall (attorney at law), and further consisted of Verena Krikler (associate), Volker Weiss (partner), Lisa Todeschini (attorney at law), Constantin Benes (partner), Franziska Oczlon (attorney at law) andMichael Sturmair (associate). The team was supported by Kinga Hetényi (partner), Adrian Menczelesz (attorney at law), Zsófia Rideg (associate), Noémi Suller (associate), Aron Hegyi (associate), Noémi Csiki (associate), Madalina Neagu (partner), Mihaela Popescu (attorney at law), Djordje Trifunovic (attorney at law), Milos Jokic (associate), Vladimír Čí~ek (partner), Rudolf Bicek (attorney at law), Ján Farbiak (attorney at law) and Jakub Bernik (associate).
Schoenherr advised alongside Carrier's lead counsel Linklaters (lead partners Derek Tong and Timo Engelhardt) and Paul, Weiss, Rifkind, Wharton & Garrison LLP. J.P. Morgan Securities LLC acted as financial advisor to Carrier.
Goldman Sachs & Co. LLC served as financial advisor and Hengeler Mueller and Davis Polk & Wardwell were legal advisors to Viessmann.