Johnson Controls in advanced talks to acquire Tyco: source
[NEW YORK] Johnson Controls Inc, a US manufacturer of car batteries and heating and ventilation equipment, is in advanced talks to buy fire protection and security company Tyco International Plc, people familiar with the matter said.
A deal between Johnson Controls and Tyco, which have market capitalisations of US$23 billion and US$13 billion respectively, would provide the clearest indication yet that the recent market volatility has not derailed strategic mergers from advancing.
Terms of the potential deal could not immediately be learned.
The sources, who asked not to be identified because the negotiations are confidential, cautioned that no agreement was certain. The Wall Street Journal, which first reported on the talks, said a deal could be announced as early as Monday.
Johnson Controls and Tyco did not respond to requests for comment.
The deal would come as Milwaukee, Wisconsin-based Johnson Controls was preparing to spin off its automotive seating and interiors business, to focus on its building efficiency and automotive battery operations.
Based in Cork, Ireland, Tyco provides more than 3 million customers globally with fire protection and security products and services.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
Sheng Siong Q1 net profit up 9.3% on higher revenue
Nestle sales growth sputters on US slump, vitamin snags
Hermes Q1 sales jump 17% on strong China demand
Cordlife’s independent auditor to retire after issuing disclaimer of opinion on FY2023 financials
Cutting the cord?: Events leading up to Cordlife’s MOH suspension and arrests of its directors, ex-group CEO
Cordlife customers push for legal action