Carrier Corp., a wholly owned subsidiary of United Technologies Corp., announced that it signed an agreement to buy International Comfort Products Corp. for $11.75 per share in cash.
United Technologies began a tender offer on June 30 for all the outstanding shares of ICP's common stock. Ravine Partners, an affiliate of Dallas-based SnyderCapital Corp., and the Ontario Teachers' Pension Plan Board have agreed to tender their shares and support the deal. They hold about 40% of International Comfort's stock.
UTC will pay a purchase price of about $490 million in cash and will assume nearly $230 million in debt.
International Comfort will retain its present operational structure, sales infrastructure and brands, as well as its distribution and dealer networks. The companies intend to generate cost savings by accelerating the implementation of advanced manufacturing practices and product delivery systems.