Carrier to Buy Viessmann Climate Solutions Unit for €12 Billion

Carrier Global Corp., the US maker of air conditioners, agreed to acquire most of German family-owned manufacturing company Viessmann for €12 billion ($13.2 billion) to bolster its heating and cooling operations.

The US firm is paying 80% of the purchase price in cash and 20% in stock for Viessmann’s climate solutions unit, according to a statement Tuesday. The unit accounts for 85% of Viessmann’s revenue.

“The acquisition of Viessmann Climate Solutions is a game-changing opportunity,” Carrier Chairman and Chief Executive Officer David Gitlin said in the statement. “Climate change, sustainability requirements and geopolitical factors are driving an unprecedented energy ...