Johnson Controls selling power solutions unit for $13.2B

Johnson Controls International PLC is selling its power solutions division to Brookfield Business Partners LP for $13.2 billion.

The power solutions business, which makes and distributes advanced battery technologies for various vehicles, posted $8 billion in revenue in fiscal 2018.

Johnson Controls CEO George Oliver said Tuesday the sale will let the company streamline its business, provide increased financial flexibility to strengthen its balance sheet, return capital to shareholders and create options in its buildings unit.

Cork, Ireland-based Johnson Controls anticipates using $3 billion to $3.5 billion of the $11.4 billion in proceeds from the sale to pay down debt.

The deal is targeted to close by June 30, 2019.