United Technologies Freezes Chubb Fire & Security Sale
UTC freezes sale of Chubb Fire & Security after low-ball offers.
UTC has put the brakes on its sale of Chubb Fire & Security citing market volatility, according to a Bloomberg report. UTC now plans to focus on portfolio separation plans.
The sale was put on hold after bids from Apax Partners, PAI Partners and Eurazeo SE didn’t meet UTC’s $USD3 billion expectations.
UTC has been undertaking divestments recently, including spinning off Otis elevators and Carrier building systems to focus on aviation technology, through its jet engine maker Pratt & Whitney and aviation parts maker, Rockwell Collins.
The company’s restructure is reported to be the result of pressure from activist shareholders, Third Point and Pershing Square Capital Management.