Johnson Controls (JCI) on Monday accelerated its shift away from auto parts and towards building controls, agreeing to merge with Tyco International in a deal that values Tyco at about $14.35 billion. Terms of the deal call for holders of Cork, Ireland-based Tyco to receive .955 shares of the combined entity for each share owned, while Johnson Control holders can choose between one share of the new company of $34.88 a share in cash. Post-deal Johnson Controls holders would own 56 percent of the combination. Milwaukee-based Johnson Controls in recent years has moved aggressively to shed its automotive and other assets to refocus itself on building controls. The company last year sold its facilities business to CBRE Group for $1.4 billion and announced plans to explore options for assets that accounted for nearly half of its $43 billion in 2014 sales. The combination of Johnson Controls and Tyco would bring together a portfolio of access control, fire, security, HVAC and power products for buildings. The companies said they expect to generate at least $500 million in annual cost synergies post-deal and about $150 million in annual tax synergies in part due to the planned move to Ireland, and see opportunities for cross selling to boost revenue. The Deal's Jennifer Tekneci reports from New York.