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JCI ‘in Power Solutions sale talks’ with investment firm

Mon, 11/05/2018 - 00:00 -- John Shepherd
George Oliver

North American firm Brookfield Asset Management is at the centre of fresh speculation about a possible sell-off of Johnson Controls’ batteries business.

Brookfield, whose business interests include a graphite electrode manufacturing business and battery storage systems, could pick up JCI’s Power Solutions for between US$13 billion and $14bn, according to Reuters.

Reuters quoted unnamed sources as saying both companies were close to “finalising the terms of a deal”— which would “represent the biggest shake-up at JCI since its merger in 2016 with Tyco International”.

JCI and Brookfield did not respond to requests by BEST Battery Briefing to comment.

CEO of JCI, George Oliver (pictured), said last March that the company would “explore strategic alternatives” for Power Solutions over the next “several months”— fuelling speculation of a possible sale of its lead-acid and lithium business.

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