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JCI quits batteries with Power Solutions sale

Mon, 11/19/2018 - 00:00 -- John Shepherd
Cyrus Madon

Johnson Controls International (JCI) has announced a definitive agreement to sell its battery business Power Solutions to US and Canadian investment firms Brookfield Business Partners and CDPQ in a cash transaction valued at US$13.2 billion.

The deal ends months of feverish speculation about the future of Power Solutions.

New York and Toronto-listed Brookfield is the business services and industrials company of Brookfield Asset Management. Quebec-based CDPQ (Caisse de dépôt et placement du Québec) is an institutional investment fund manager.

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