Bosch to buy Johnson Controls HVAC portfolio for $8 billion

Bosch has agreed to buy Johnson Controls’ residential and light commercial HVAC portfolio, including York, for $8 billion.

Why it matters: Johnson Controls is moving away from the residential business and transforming itself into a “comprehensive solutions provider for commercial buildings.”

Background: In January, Johnson Controls announced it was selling its residential and light-commercial HVAC assets, York included, for — at the time — up to $5 billion.

• Bosch, Lennox, and Samsung in March were revealed as primary suitors, but until now, there hasn’t been much word.

What’s happening: The deal helps Bosch move away from its automotive segment and nearly doubles its “home comfort business” to ~$10 billion in revenue, Bloomberg noted.

• "We are pleased to have reached this pivotal milestone, which accelerates our transformation and positions Johnson Controls as a simpler, higher-growth company," said Johnson Controls CEO George Oliver.

• Neither Bosch nor Johnson Controls responded to Homepros’ request for comments. 

Looking ahead: The deal, subject to regulatory approval, is expected to close in 12 months.

Note: This story was published on Monday, July 22, as a similar story, but updated early morning on July 23 as the news broke.