brookfield, caisse in $13.2b us deal to buy johnson controls' batteries business - lithium batteries for sale
Brookfield Business Partners in Toronto and Caisse de d, Quebec, based in Montreal. p. t. et placement, as well as a group of institutional partners, has signed an agreement to acquire Johnson Control's power solutions business for $13. 2 billion US.
The business produces batteries for car manufacturers, after-sales dealers and retailers.
The two companies say it is beneficial to benefit from the growth in demand for advanced batteries, including batteries for electric vehicles.
Cyrus Madon, chief executive of Brookfield business Partners, said: "We are pleased to grow our business by acquiring power solutions, a global market leader that generates consistent cash flow and
"We look forward to working with the management team to continue to grow in this world --
First-class business and build on its record of innovation.
George Oliver, chairman and chief executive of Johnson Control, said the deal was an important milestone in the company's ongoing transformation.
"Selling our power solutions business will strengthen our balance sheet by streamlining our portfolio and increasing financial flexibility to create value for investors, Oliver said in a statement: "return capital to shareholders and create optional in our construction business. ".
Johnson Controls expects net cash income for the deal to reach $11.
$4 billion after tax and after Transaction
Related fees.
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Debt repayment 5 billion
The deal will receive about $3 billion in equity and about $10 in funding.
Length 2 billion-
Long-term debt financing.
Brookfield business partner, major business services and industry company of Brookfield Asset Management
It is expected that funds will be provided for the approximately equity, while CDPQ will fund the approximately equity.
The remaining funds are provided by other institutional partners.
The transaction is expected to end in June 30, 2019.
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