Brookfield and the Caisse buy automotive battery business from Johnson Controls for $13 billion

Johnson Controls’ Power Solutions business produces batteries for global automakers and retailers for use in nearly all types of vehicles, including hybrid and electrical models.Daniel Acker/Bloomberg

Batteries are used in about a third of cars globally

MONTREAL — Brookfield Business Partners LP and the Caisse de depot et placement du Quebec, together with a group of institutional partners, have signed a deal to buy Johnson Controls’ power solutions business for US$13.2 billion in one of the biggest leveraged buyouts this year.

The business produces batteries for automakers and aftermarket distributors and retailers.

The companies say it is well positioned to benefit from the growth in demand for advanced batteries, including those used in electric vehicles.

READ MORE: https://business.financialpost.com/transportation/autos/brookfield-and-the-caisse-buy-automotive-battery-business-from-johnson-controls

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