Johnson Controls to Sell Residential and Light Commercial HVAC Business to Bosch for $8.1 Billion

Johnson Controls International plc has entered into a definitive agreement to sell its Residential and Light Commercial HVAC business, including the North America Ducted business and its 60% stake in the Johnson Controls-Hitachi joint venture, to Robert Bosch GmbH. The total consideration is approximately $8.1 billion in cash, with Johnson Controls' portion being approximately $6.7 billion. The deal is expected to close subject to regulatory approvals and other customary conditions.

“On July 23, 2024, Johnson Controls International plc (the “Company” or “Johnson Controls”) entered into a Stock and Asset Purchase Agreement (the “Purchase Agreement”) with Robert Bosch GmbH, a Gesellschaft mit beschränkter Haftung (“Purchaser”). Pursuant to the Purchase Agreement, on the terms and subject to the conditions therein, the Company has agreed to sell, and Purchaser has agreed to acquire, the Company’s Residential and Light Commercial HVAC business (the “Business”), including the Company’s North America Ducted business and Johnson Controls-Hitachi Air Conditioning Holding (UK) Ltd. (“JCH”), the Company’s global Residential joint venture with Hitachi Global Life Solutions, Inc. (“Hitachi”), of which the Company owns 60% and Hitachi owns 40%. The total consideration payable by Purchaser to the Company and Hitachi is equal to approximately $8.1 billion in cash, and the Company’s portion of the aggregate consideration is approximately $6.7 billion in cash”

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