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Johnson Controls sells its power business to Brookfield in $13 billion deal

Johnson Controls sells its power business to Brookfield in $13 billion deal
The logo and trading symbol for Johnson Controls International is displayed on a board on the floor of the New York Stock Exchange (NYSE) in New York, U.S., October 16, 2018. REUTERS/Brendan McDermid   -   Copyright  Brendan McDermid(Reuters)
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(Reuters) – Johnson Controls International Plc <JCI.N> said on Tuesday it would sell its power solutions business, which makes car batteries, to investment firm Brookfield Business Partners L.P., in a cash transaction valued at $13.2 billion (10.19 billion pounds).

The company expects to deploy $3.0 to $3.5 billion of proceeds towards debt paydown and retain an investment grade credit rating, the company said in a statement.

(Reporting by Rachit Vats in Bengaluru; Editing by Shailesh Kuber)

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