Carrier Global Corp. is reportedly nearing a deal to acquire most of German-based Viessmann‘s business for more than $10 billion including debt, according to Bloomberg News.

Viessmann, founded by former factory worker Johann Viessmann, makes heat pumps, boilers and heating systems. Outside of its climate solutions business, which provides heating, cooling, ventilation, energy generation and energy storage products, the firm also has a refrigeration business. Viessmann’s climate solutions business accounts for 85 percent of revenue, as reported by Bloomberg. The deal looks to drive Carrier’s heating and cooling operations. The deal would be part of a transformation at Carrier, which may sell or spin off its fire and security operations, according to Bloomberg.

The value of mergers and acquisitions in Germany is down 55 percent this year to $9.1 billion, according to data compiled by Bloomberg.