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MarketScreener Homepage  >  Equities  >  Nyse  >  Johnson Controls International Plc    JCI   IE00BY7QL619

JOHNSON CONTROLS INTERNATIONAL PLC

(JCI)
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Johnson Controls sells its power business to Brookfield in $13 billion deal

11/13/2018 | 08:55am EST
The logo and trading symbol for Johnson Controls International is displayed on a board on the floor of the NYSE in New York

(Reuters) - Johnson Controls International Plc said on Tuesday it would sell its power solutions business, which makes car batteries, to investment firm Brookfield Business Partners L.P., in a cash deal valued at $13.2 billion.

Shares of Johnson Controls were up 3.5 percent at $35.40 before the bell.

The deal will allow Johnson Controls to focus on its building technologies and solutions business, which makes heating, ventilation and air conditioning systems, as well as building access control and fire detection systems.

Reuters had reported, late last month, that Brookfield and Johnson Controls were close to finalizing terms for the sale of the unit, whose batteries are used in about a third of cars globally.

The deal represents the biggest shake-up at Johnson Controls since its merger in 2016 with Tyco International.

Johnson Controls' power solutions business, which makes and distributes about 154 million lead-acid batteries for passenger cars and light trucks annually, carries higher margins but has been capital intensive for Johnson Controls, analysts have said.

The company expects to deploy $3.0 to $3.5 billion of proceeds toward debt paydown and retain an investment grade credit rating, the company said in a statement.

More deals in the sector are likely, as industrial conglomerates continue to separate businesses that are too disparate in terms of financial performance.

The company expects the transaction to close by June 30, 2019.

Centerview Partners and Barclays were financial advisers to Johnson Controls, and Simpson Thacher served as legal advisers.

(Reporting by Sanjana Shivdas and Rachit Vats in Bengaluru; Editing by Shailesh Kuber)

By Sanjana Shivdas


© Reuters 2018
Stocks mentioned in the article
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ACCESS CO., LTD. -0.13% 763 End-of-day quote.3.81%
JOHNSON CONTROLS INTERNATIONAL PLC 0.36% 52.35 Delayed Quote.12.36%
NEXT PLC -2.99% 7914 Delayed Quote.11.69%
ONE STOP SYSTEMS, INC. -1.23% 4 Delayed Quote.0.00%
THE LEAD CO., INC. -1.44% 820 End-of-day quote.-2.38%
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Financials (USD)
Sales 2021 23 088 M - -
Net income 2021 1 793 M - -
Net Debt 2021 6 193 M - -
P/E ratio 2021 21,3x
Yield 2021 2,08%
Capitalization 37 670 M 37 670 M -
EV / Sales 2021 1,90x
EV / Sales 2022 1,82x
Nbr of Employees 97 000
Free-Float 93,6%
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Technical analysis trends JOHNSON CONTROLS INTERNATIONAL PLC
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 53,17 $
Last Close Price 52,35 $
Spread / Highest target 37,5%
Spread / Average Target 1,56%
Spread / Lowest Target -19,8%
EPS Revisions
Managers and Directors
NameTitle
George R. Oliver Chairman & Chief Executive Officer
Olivier Leonetti Chief Financial Officer & Executive Vice President
Diane K. Schwarz Chief Information Officer
Juan Pablo del Valle Perochena Independent Director
Mark P. Vergnano Independent Director
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