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Turkish industrial conglomerate Alarko Holding has agreed to acquire U.S.-based climate control company Carrier’s 42% stake in Alarko Carrier for $16.8 million, moving to take full control of their Turkish joint venture and end their partnership.
The binding share purchase agreement was signed on Aug. 7, Alarko Holding said in a disclosure, after the parties revised a transaction structure that had been under discussion since 2025.
Alarko Holding initially proposed in April 2025 to sell a 20% stake in Alarko Carrier to Carrier. The parties later shifted course, opening talks to end their cooperation through Alarko Holding’s acquisition of Carrier’s entire stake in the company, according to the disclosure.
The transaction will terminate the existing Shareholders’ Agreement between Alarko Holding and Carrier, ending a partnership that dates back to 1998. Completion is expected within 6 months, subject to conditions including approval from Türkiye’s Competition Authority.
Alarko Carrier, currently classified as a joint venture in Alarko Holding’s financial statements, will become a subsidiary of the Turkish group once the deal closes, the Turkish company said.
The companies are also separating Carrier and Toshiba brand-related operations from Alarko Carrier. Under a carve-out agreement signed, certain inventories, contracts and related obligations will be transferred to Viessmann Isi Teknikleri Ticaret Limited Sirketi, a Carrier affiliate.
Following the carve-out, Alarko Carrier will cease all activities related to the Carrier and Toshiba brands.
Alarko Carrier is a Turkish heating, ventilation and air conditioning (HVAC) manufacturer that traces its roots to 1954, when Alarko was established.
The company operates two production facilities in Kocaeli in northwestern Türkiye and Eskisehir in central Türkiye. The Kocaeli facility manufactures Carrier-branded air-handling units, rooftop air conditioners and fan coils, while the Eskisehir plant produces combi boilers, condensing boilers and circulation pumps.
The company also retained its position as the sector’s top exporter of air-handling units, fan coils and rooftop air conditioners for the 13th consecutive year in 2025, according to its annual report. It generated ₺7.5 billion ($189.6 million) in revenue in 2025, while posting a ₺686.2 million loss.
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