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Reports: JCI Close to Selling Battery Unit
Johnson Controls International plc is finalizing a deal to sell its Power Solutions battery business to Brookfield Asset Management Inc., according to multiple media reports.
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Johnson Controls International plc is finalizing a deal to sell its Power Solutions battery business to Brookfield Asset Management Inc., according to multiple media reports.
Brookfield, a Toronto-based investment firm, reportedly outbid buyout specialist Apollo Global Management in a private auction. The deal is valued at more than $13 billion, sources tell Reuters.
Bloomberg News, which was the first to report the sale, says an announcement could be made later this week. JCI and Brookfield declined to comment.
JCI had put the business, which makes lead-acid starter batteries under the Delkor, Heliar, LTH, MAC and Varta brands, under strategic review in March. A sale would allow JCI to focus on its core building-related businesses, which make HVAC, fire detection and building access control systems.
JCI merged with Tyco International two years ago. At about the same time, the supplier spun off its seating and interiors business, which is now named Adient.
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