November 13, 2018 / 1:16 PM / a month ago

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

Nov 13 (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 transaction valued at $13.2 billion.

The company expects to deploy $3.0 to $3.5 billion of proceeds towards debt paydown and retain an investment grade credit rating, the company said in a statement. (Reporting by Rachit Vats in Bengaluru; Editing by Shailesh Kuber)

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