Bosch Announces Largest $8 Billion Deal In Its History
Date
7/23/2024 3:10:35 PM
(MENAFN- AzerNews)
By Alimat Aliyeva
German engineering and technology company Robert Bosch GmbH is
buying a business in the field of heating, ventilation and air
conditioning systems from Irish Johnson Controls International and
Japanese Hitachi for $ 8 billion. The deal will be the largest in
Bosch's history, Azernews reports.
Bosch will acquire Johnson Controls' operations in this area, as
well as 100% of the Irish company's air conditioning joint venture
with Hitachi, in which the latter owns 40%.
Bosch shareholders and the company's supervisory board approved
the deal. The parties plan to close it within 12 months.
Bosch notes that the assets being purchased brought their owners
revenue of about 4 billion euros in 2023.
Johnson Controls said in a separate press release that it would
receive $6.7 billion from the deal.
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