Johnson Controls, Tyco join forces in multibillion-dollar deal
Global multi-industrial company Johnson Controls is merging with fire and security provider Tyco in a $3.9-billion deal.
Johnson Controls shareholders would own 56% of the equity of the combined company, while Tyco shareholders would hold 44%.
"The proposed combination of Johnson Controls and Tyco represents the next phase of our transformation to become a leading global multi-industrial company," stated Johnson Controls CEO and chairperson Alex Molinaroli.
He added that Tyco aligned with and enhanced the Johnson Controls buildings platform and further positioned its businesses for global growth.
“Through this transaction, we will also expand our ability to further invest globally, develop new innovative solutions for customers and return capital to shareholders."
Tyco CEO George Oliver added that the transaction would allow Tyco to better capture opportunities created by increased connectivity in homes, buildings and cities.
The combined company was expected to maintain Tyco's Irish legal domicile and global headquarters in Cork, Ireland. The primary operational headquarters in North America for the combined company would be in Milwaukee, where Johnson Controls was based.
The merged entity was expected to deliver at least $500-million in operational synergies over the first three years. In addition, the transaction was expected to create at least $150-million in yearly tax synergies.
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