Carrier Enterprise acquires Peirce-Phelps HVAC distribution business

Carrier Enterprise, a joint venture between Watsco and Carrier Corporation, completed the acquisition of the HVAC distribution business of Peirce-Phelps for $85 million. The deal was previously announced on July 17, 2019, and closed on August 1, 2019. Payment included approximately $10 million in cash and 372,543 shares of Watsco common stock.

“On August 1, 2019 (the “Closing Date”), Carrier Enterprise, LLC (“CE”), a joint venture between Watsco, Inc., a Florida corporation (the “Company”), and Carrier Corporation, acquired the HVAC distribution business (the “Business”) of Peirce-Phelps, Inc., a Delaware corporation (the “Seller”), pursuant to the acquisition of substantially all of the assets and the assumption of certain of the liabilities of the Business under a previously announced purchase agreement dated as of July 17, 2019 (the “Purchase Agreement”).”

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