As of 8:00 a.m. EDT / 3:00 p.m. Türkiye time on September 14, 2026. This brief reviews developments from September 12 through September 14.

Alarko Carrier Sanayi ve Ticaret A.Ş., the Turkish HVAC manufacturer and Carrier Global joint venture, completed its acquisition of a regional HVAC distribution and service company in the southeastern United States on September 12. The target, which operates across Texas, Louisiana, and Oklahoma, provides commercial HVAC installation, maintenance, and parts distribution services to commercial real estate, industrial, and healthcare clients. The transaction value was not disclosed.

The acquisition gives Alarko Carrier a direct U.S. market presence beyond its existing export relationships and positions the company to serve the growing demand for energy-efficient HVAC systems in the U.S. Sun Belt market. Turkish companies acquiring U.S. service businesses face a distinct set of integration challenges compared to product-only acquisitions: the acquired workforce, customer relationships, and service contracts are the primary value drivers, and their retention depends on employment continuity, compensation alignment, and the preservation of local brand identity.

Key post-closing priorities include the review of existing service contracts for assignment provisions, state contractor licensing requirements in Texas, Louisiana, and Oklahoma, and the treatment of the target's existing warranty obligations. The Carrier Global joint venture structure also requires attention: Alarko Carrier's acquisition of a U.S. distribution business may require consent from Carrier Global under the joint venture agreement, and the competitive dynamics between the acquired distributor and Carrier's own U.S. distribution network should be assessed.

Castlelake, the Minneapolis-based alternative asset manager specializing in aviation finance, completed its acquisition of a portfolio of 25 Airbus A320-family aircraft from easyJet on September 12. The aircraft will be leased back to easyJet under long-term operating leases. The transaction value was approximately $1.1 billion.

Sale-leaseback transactions of this type are a standard liquidity management tool for airlines, converting owned aircraft into cash while retaining operational use. For investors, the key risk factors are the creditworthiness of the lessee, the residual value of the aircraft at lease expiration, and the maintenance condition of the fleet. Castlelake's aviation portfolio management expertise positions it to manage these risks through active asset management and remarketing.

A consortium led by Blackstone Infrastructure and Brookfield Asset Management completed the acquisition of a 49% stake in Kuwait's national petroleum pipeline network from Kuwait Petroleum Corporation on September 13. The transaction, valued at approximately $4.2 billion, is one of the largest infrastructure privatizations in the Gulf region.

The transaction structure — a minority stake in a state-owned infrastructure asset — is characteristic of Gulf sovereign wealth fund and national oil company monetization strategies. The consortium's rights, including governance protections, dividend policy, and exit mechanisms, will be defined by the shareholders' agreement rather than by public company law. CFIUS review was not required because the target is a Kuwaiti asset, but the transaction's financing structure and the involvement of U.S.-domiciled investment vehicles may have implications for U.S. tax and regulatory reporting.

The Alarko Carrier U.S. acquisition is a significant Turkish outbound transaction in the industrial services sector. The Castlelake–easyJet and Blackstone–Brookfield Kuwait transactions reflect continued institutional capital deployment into aviation finance and Gulf infrastructure respectively.

This publication is for general informational purposes only and does not constitute legal advice.