Paul, Weiss is advising Carrier Global Corporation, a global leader in intelligent climate and energy solutions, in the sale of its commercial and residential fire business to an affiliate of Lone Star Funds for an enterprise value of $3 billion. The transaction is expected to close by the end of 2024, subject to regulatory approvals and customary closing conditions. The transaction marks a critical milestone in Carrier’s portfolio transformation following its acquisition of Viessmann Climate Solutions, successful divestitures of its industrial fire and global access solutions businesses, and pending sale of its commercial refrigeration business to Haier—all deals on which Paul, Weiss also advised. The Paul, Weiss team is led by corporate partner Laura Turano and counsel Dotun Obadina, and includes, among others, partners Scott Barshay, Lukas Richards, Steven Williams, John Kennedy and Luke Jennings, and counsel Bruce Gruder, Christopher Dickson and Nathan Mitchell; tax partners Jeffrey Samuels and Robert Holo, and counsel Alyssa Wolpin; intellectual property partners Bonnie Chen and Claudine Meredith-Goujon; executive compensation partner Jean McLoughlin and counsel Christopher Gonnella; litigation partners Lewis Clayton and Jaren Janghorbani, and counsel Audrey Paquet; real estate partner Peter Fisch; antitrust partner Marta Kelly; and environmental counsel William O’Brien.