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Johnson Controls (NYSE: JCI) has signed an agreement to sell its Power Solutions business to Brookfield Business Partners L.P, together with institutional partners, in a cash transaction valued at $13.2 billion, the company said.
The deal will streamline the company’s portfolio, making it a pure-play building technologies and solutions provider, and give it greater financial flexibility, chairman and CEO George Oliver said in a statement announcing the sale.
Net cash proceeds are expected to be $11.4 billion after tax and transaction-related expenses, according to the company.
“With this transaction, Johnson Controls becomes a pure-play building technologies and solutions provider that is better positioned to lead the integration and evolution of the connected building and to capture strategic opportunities in the HVAC industry,” Oliver said.