Johnson Controls sells Residential & Light Commercial HVAC business to Bosch for $8.1B

Johnson Controls International plc

Transaction valued at $8.1B total; JCI to receive ~$6.7B in cash. Net proceeds ~$5B after tax and expenses.
Deal includes North America Ducted (16.7x FY23 EBITDA) and JCI's 60% stake in JCI-Hitachi JV (7.5x EBITDA).
Expected to close in ~12 months; results to be reported in discontinued ops from Q4 FY2024.
JCI will use proceeds to pay down debt to maintain investment grade, remainder to shareholders.
Preliminary Q3 FY2024 adjusted EPS slightly ahead of prior guidance range; full earnings on July 31.

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