Tuesday , November 24 2020

Brookfield plans to acquire a unit of Johnson Controls International for $ 13.2 billion

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Tuesday, November 13, 2018 – 9:12 PM
| last update:
Tuesday, November 13, 2018 – 9:12 PM

A group of investors headed by Brookfield Asset Management's private investment arm Asset Management has agreed to buy the Johnson & Co. International Battery and Technology Group's $ 13.2 billion battery maker and is due to be completed by the end of June. Major acquisitions this year.

Brookings Business Partners have agreed to acquire the company in partnership with several partners, including Casey de Depot and Placemen du Québec, and car batteries will allow Johnson Controls to focus on the core field of building management systems.

"The sale of Power Solutions for battery systems will bring value to investors by optimizing our portfolio and will give us more financial flexibility to increase our budget and increase shareholder returns," said George Oliver, CEO of Johnson Controls.

Johnson Controls predicts that after-tax transaction and transaction costs will reach $ 11.4 billion, with $ 3 billion to $ 3.5 billion to reduce debt and maintain its credit rating while distributing the balance of shares to shareholders.

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