(Reuters) - Air conditioner maker Carrier Global Corp said it would sell its remaining stake in Swedish wholesaler Beijer Ref AB to private equity group EQT for about $1.1 billion.
EQT said the deal to buy 29.6% of shares and 26.4% of votes would make it the largest shareholder in Beijer Ref.
“EQT will support Beijer Ref’s growth journey, which will include acquisitions and organic expansion, as well as investments in digitalization and automation initiatives,” the private equity group said.
The deal would give Carrier, which had sold shares worth about $300 million in the company in September, cash to cut its debt and fund growth initiatives, the U.S-based company said in a statement late on Monday.
Beijer Ref made an operating profit of 780 million crowns ($92.9 million) in the January-September period, on sales of 10.65 billion crowns.
Citigroup Global Markets acted as a financial adviser to Carrier on the deal, which is expected to close by the end of December.
EQT said on Sunday it was selling facilities manager Apleona, a former unit of industrial services group Bilfinger, to private equity firm PAI Partners for about 1.6 billion euros ($1.94 billion).
Reporting by Helena Soderpalm in Stockholm and Uday Sampath in Bengaluru; Editing by Anil D’Silva and Edmund Blair
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