Johnson Controls Plans $4 Billion Dutch Auction Buyback
01 May 2019 - 11:10PM
Dow Jones News
By Colin Kellaher
Johnson Controls International PLC (JCI) on Wednesday said it
plans a modified Dutch auction tender offer for up to $4 billion in
common stock following the completion of the sale of its
power-solutions business to Brookfield Business Partners L.P. (BBU)
for net cash proceeds of about $11.6 billion.
The industrial and technology conglomerate based in Cork,
Ireland, set a price range of $36 to $40 a share for the tender
offer, which it plans to launch in the coming days.
Johnson Controls, with a market capitalization of about $34
billion, had previously said it would use proceeds from the unit
sale to repay $3.4 billion in debt and buy back up to $8.2 billion
in stock.
The company also launched a cash tender offer for up to $1.5
billion in senior notes issued in several series.
Shares of Johnson Controls, which closed Tuesday at $37.50, rose
2.6% in light premarket trading Wednesday.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
May 01, 2019 08:55 ET (12:55 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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