The long awaited news of a buy-out of Johnson Control battery business from the parent company could take place this summer, according to Reuters.
BBB has learned that banks are working on debt financing of more than US$10 billion to support the buyout of Johnson Controls International PLC’s power solutions business.
The sale of the unit, which makes mainly lead acid batteries right across the industry spectrum could fetch around US$12bn in what is expected to be one of the biggest buyouts of the year, the sources said.
The deal is currently in the second round of bidding and potential buyers met the company’s management last week.
Johnson Controls International declined to comment.
