Johnson Controls International PLC has hit a last-minute snag in its quest to promote its automotive-battery business, in line with individuals conversant in the matter.
was nearing a deal to promote the unit to Brookfield Asset Management Inc. for near $14 billion, the individuals stated. Some analysts anticipated a cope with the private-equity agency to be introduced forward of Johnson Controls’ fiscal fourth-quarter earnings report Thursday morning.
There was no deal announcement. Now, Apollo Global Management LLC
an early contender, has been invited to rebid for the business, the individuals stated.
Apollo, which had provided round $13 billion, stopped its work on the deal when it turned clear that Brookfield had gained the public sale, however it stays in the asset and is more likely to step again into the ring, they stated. Apollo was additional alongside than Brookfield in its due diligence in what can be a sophisticated carve-out and would have been able to announce a deal for the business quickly after the Oct. 26 bidding deadline, some of the individuals stated.
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