Tyco and Johnson Controls Announce Merger of Equals

Tyco International plc and Johnson Controls, Inc. entered into a definitive merger agreement on January 24, 2016. Under the terms, a Tyco subsidiary will merge into Johnson Controls, with JCI surviving as a wholly owned subsidiary of Tyco, which will be renamed Johnson Controls plc. The combined company will have a board split between the two legacy companies, with JCI's CEO becoming CEO and Tyco's CEO becoming President and COO, with a planned succession.

“On January 24, 2016, Tyco International plc, an Irish public limited company (“Tyco”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Johnson Controls, Inc., a Wisconsin corporation (“JCI”), and certain other parties named therein, including Jagara Merger Sub LLC, a Wisconsin limited liability company and indirect wholly owned subsidiary of Tyco (“Merger Sub”). Pursuant to the Merger Agreement and subject to the terms and conditions set forth therein, Merger Sub will merge with and into JCI (the “Merger”), with JCI surviving the Merger as an indirect wholly owned subsidiary of Tyco.”

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