Johnson Controls completes $8.1B sale of residential HVAC business to Bosch

Johnson Controls International plc

Completed sale of Residential & Light Commercial HVAC to Bosch for $8.1B; net cash proceeds ~$5.0B after tax/expenses.
Company to become pure-play building solutions provider; plans $5.0B accelerated share repurchase program in coming weeks.
Transaction includes North America ducted business and global residential JV with Hitachi; Hitachi retains certain ductless assets.
CEO Joakim Weidemanis says the deal positions JCI for faster growth and higher profitability as a technology-enabled company.
Advisors: Centerview Partners, Citi, Simpson Thacher, and Joele Frank.

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