Johnson Controls nears deal to sell battery business to Brookfield: Reuters
Johnson Controls International Plc is nearing a deal to sell its power solutions business, which makes car batteries, to Brookfield Asset Management for between US$13 billion and US$14 billion, sources told Reuters. The transaction would be one of the largest leveraged buyouts this year and allow Johnson Controls to focus on its building technologies and solutions business. Brookfield, a Canadian investment firm, outbid buyout firm Apollo Global Management LLC in an auction for the power solutions unit, the sources said. Brookfield and Johnson Controls could finalize the terms of a deal for the unit, whose batteries are used in about a third of cars globally, as early as this week.
29 October 2018•2 mins read
