EU approves sale of Johnson Controls’ power business to Brookfield

Its business unit develops batteries for cars

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The European Commission has given the green light for the buyout of Johnson Controls’ power solutions business by a Canadian company.

Canada’s Brookfield Asset Management, an asset manager with a focus on real estate, renewable power, infrastructure and private equity, is taking over the business in Ireland that develops batteries for cars for $13.2 billion (£10.3bn).

The deal is expected to allow Johnson Controls to focus on its building technologies and solutions business, which develops heating, ventilation and air conditioning systems.

The Commission said: “The Commission concluded that the proposed acquisition would raise no competition concerns because the companies are not engaged in business activities in the same product and geographic market or in any upstream or downstream market.”