Ariston Group, an Italy-based global provider of sustainable thermal comfort services, specializing in water heating, space heating and renewable energy products, has completed its acquisition of Riello from Carrier Global Corp., with Carrier saying it received gross proceeds of approximately $440 million from the sale.
The divestiture is part of Carrier’s (NYSE: CARR) ongoing portfolio optimization strategy, allowing the company to sharpen its focus on intelligent climate and energy solutions while reinvesting in its core businesses and innovation. Riello is a manufacturer of burners, boilers and heating systems serving residential, commercial and industrial customers. The business has a long-standing presence across Europe and international markets, with a portfolio spanning high-efficiency heating technologies and energy solutions.
BofA Securities served as exclusive financial advisor to Carrier, while Linklaters LLP acted as external legal counsel.