Carrier HVACR Investments B.V. signed binding agreement of 55% stake in Toshiba Carrier Corporation from Toshiba Corporation (TSE:6502) for approximately ¥120 billion on February 6, 2022. As of February 7, 2022 Carrier HVACR Investments B.V. agreed to acquire 55% stake in Toshiba Carrier Corporation from Toshiba Corporation (TSE:6502) for an enterprise value of ¥100 billion. Upon closing, Toshiba Corporation will retain a 5 % ownership interest in TCC. For the year ended March 31, 2021 Toshiba Carrier Corporation recorded the revenue of ¥243 billion, net assets of ¥32.1 billion, total assets ¥80.2 billion, EBIT of (¥3.1 billion) and net income of ¥2.1 billion. The deal is subject to regulatory approval and shareholders. The acquisition is expected to close by the end of Q3. As of July 28, 2022 The Company anticipates closing the acquisition in early August. Mitsubishi UFJ Morgan Stanley Securities acted as financial advisor to Carrier Global Corporation.

Carrier HVACR Investments B.V. completed the acquisition of 55% stake in Toshiba Carrier Corporation from Toshiba Corporation (TSE:6502) on July 31, 2022. Sushil Jacob, Richard Gu, Marly Didizian, Sutthipong Koohasaneh, Julia Schönbohm, Laure de Panafieu, Christoph Barth and Daniel Cousens of Linklaters LLP advised Carrier.