Carrier Global (NYSE:CARR) is in advanced discussions to buy Viessmann for over $10 billion, including debt, The Wall Street Journal reported Monday, citing people familiar with the matter.
The report states that a cash and stock deal could be announced as soon as this week for the German industrial manufacturer, assuming talks don't break down.
It is said that the move to acquire the firm is part of a transformation at Carrier, which is a heating, ventilation, air conditioning, refrigeration, and fire and security equipment firm based in Palm Beach Gardens, Florida.
A previous WSJ report revealed that Carrier is also working on a plan to sell or spin off its Fire & Security business segment. Meanwhile, acquiring Viessmann would help to further diversify Carrier's operations outside of the US.
Viessman was founded in 1917 as a locksmith business. Last year, the company generated sales of €4B (€1 = $1.1042).
Following the report, CARR shares have plunged more than 5% to below $43 per share.