CBRE Pays $1.5 Billion for Johnson Controls' Property Management Unit
The deal includes a 10-year agreement in which Johnson Controls will be the preferred provider of HVAC equipment and building automation systems to CBRE's 5 billion-square-foot real estate portfolio.
NEW YORK (The Deal) -- Johnson Controls Inc. (JCI) - Get Report has agreed to sell its facilities and energy management operations to CBRE Group Inc. (CBG) in a deal valued at $1.475 billion, the companies announced Tuesday.
Milwaukee-based JCI, which has spent the last few years revamping its portfolio, said last September it would seek to shed the business, known as Global WorkPlace Solutions. The unit has about 16,000 employees and generated about $3.4 billion in sales in 2014.
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