Cleary Gottlieb acted as counsel to the underwriters, Goldman Sachs and Baird, in a $600 million secondary offering by United Technologies of 4,235,685 shares of common stock of Watsco at a price to the public of $144 per share.
The offering priced on February 23, 2017, and closed on February 28, 2017.
United Technologies provides high-technology systems and services to the building and aerospace industries. Watsco is the largest independent distributor of air conditioning, heating and refrigeration equipment, and related parts and supplies in the HVAC/R industry, currently operating 565 locations serving 88,000 customers in the United States, Canada, Mexico and Puerto Rico.