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Delphi, Conti Among Bidders for JCI Electronics Unit
Johnson Controls Inc. has received separate bids for its automotive electronics unit this month from Delphi Automotive and Continental AG, Bloomberg News reports.
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Johnson Controls Inc. has received separate bids for its automotive electronics unit this month from Delphi Automotive and Continental AG, Bloomberg News reports.
The news service cites unidentified sources, who say JCI has restricted the bidding to industrial companies, thus barring private equity firms from the process.
A source tells the Reuters that Harman International and Valeo also are among the suitors. But Valeo says it isn't bidding.
JCI hired JPMorgan Chase & Co. last month to help it find a buyer for the electronics unit, which makes displays, instrument clusters, sensors and infotainment and connectivity systems. Bloomberg says the supplier could garner about $1.2 billion from the sale.
JCI says it expects to provide an update on the sale in three to four months.
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