Haier Smart Home Co., Ltd. (SHSE:600690) agreed to acquire Carrier Refrigeration Benelux B.V. from Carrier Global Corporation (NYSE:CARR) for $640 million on December 13, 2023. Haier Smart Home will acquire Carrier's Commercial Refrigeration Business through acquiring 100% of the equity interest in Carrier Refrigeration Benelux. For the year end 2022, Carrier Refrigeration Benelux B.V. had revenues of $1.23 billion and net income of $58.1 million .The transaction is subject to customary closing conditions, including receipt of certain regulatory approvals, and works council consultation processes.

The transaction is expected to close in the second half of 2024. BofA Securities, Inc. acted as financial advisor to and Laura Turano and Dotun Obadina of Paul, Weiss, Rifkind, Wharton & Garrison LLP and Linklaters LLP (USA) acted as legal advisors to Carrier Global Corporation (NYSE:CARR). Lazard B.V. served as financial advisor and PricewaterhouseCoopers served as project management, financial, tax, IT, HR, and environmental due diligence advisor to Haier Smart Home Co., Ltd. (SHSE:600690).

Clifford Chance LLP (Shanghai) and King & Wood Mallesons, China provided regulatory legal advice to Haier Smart Home in the transaction. Marco Marazzi and Alan Zoccolillo, Thomas Gilles, Pietro Bernasconi of Baker & Mckenzie, Baker & McKenzie LLP, Studio Professionale Associato a Baker & McKenzie, Baker & Mckenzie Partnerschaft Von Rechtsanwälten Wirtschaftsprüfern,Steuerberatern Und Solicitors, Baker & McKenzie Diwok Hermann Petsche Rechtsanwälte LLP & Co KG, Baker & Mckenzie Amsterdam N.V and Baker & McKenzie SCP acted as legal advisor to Haier Smart Home.