(Bloomberg) -- Apollo Global Management LLC and Brookfield Asset Management are among the final suitors vying for Johnson Controls International Plc's power solutions business, which could fetch more than $12 billion in a sale, according to people familiar with the matter.
JCI has narrowed the auction for the world's largest automotive battery maker down to those two firms and at least two others also weighing final offers: Clayton, Dubilier & Rice and a consortium of Onex Corp. and the Canada Pension Plan Investment Board, said the people, who asked to not be identified because the matter isn't public.
The potential buyers are meeting with JCI management this week to make presentations, they said. Having at least four in the running raises the odds of a deal happening, they added. It had at least eight bidders early on.
Representatives for JCI, Clayton Dubilier, CPPIB, Apollo and Brookfield declined to comment. A representative for Onex did not respond to requests for comment.
JCI, based in Cork, Ireland, with offices in Milwaukee, announced in March that it had hired advisory firm Centerview Partners to explore strategic options for the unit in order to better focus on improving its positions in core areas such as fire and security solutions, integrated building management systems and heating, ventilation and air conditioning.
JCI merged with Tyco International in 2016 and spun off automotive seat maker Adient Plc the same year.
To contact the reporters on this story: David Welch in Southfield at dwelch12@bloomberg.net;Kiel Porter in New York at kporter17@bloomberg.net;Gillian Tan in New York at gtan129@bloomberg.net;Scott Deveau in New York at sdeveau2@bloomberg.net
To contact the editors responsible for this story: Craig Trudell at ctrudell1@bloomberg.net, ;Elizabeth Fournier at efournier5@bloomberg.net, Matthew Monks, Michael Hytha
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