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Johnson Controls to sell power business to Brookfield for $13.2B

Johnson Controls International PLC entered into a definitive agreement to sell its power solutions business to investment company Brookfield Business Partners LP for $13.2 billion in cash.

The Irish company expects to generate $11.4 billion in after-tax proceeds from the transaction, according to a statement. About $3.0 billion to $3.5 billion of that amount will be used to pay down debt. The remaining proceeds will be available for return to shareholders.

The power solutions business had $8.0 billion in revenue and $1.68 billion in EBITDA in fiscal 2018.

The deal should close by June 30, 2019, subject to customary conditions and regulatory approvals.

Centerview Partners and Barclays served as financial advisers to Johnson Controls; Simpson Thacher served as legal counsel.