CBRE (CBG) to Acquire Johnson Controls (JCI) Global WorkPlace Solutions Unit in $1.48B Deal

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CBRE Group, Inc. Enters into Definitive Agreement to Acquire the Global Workplace Solutions Business of Johnson Controls, Inc.

March 31, 2015 7:00 AM EDT

LOS ANGELES--(BUSINESS WIRE)-- CBRE Group, Inc. (NYSE: CBG) today announced that it has entered into a definitive agreement to acquire the Global WorkPlace Solutions (GWS) business of Johnson Controls, Inc. (NYSE: JCI). GWS is a market-leading provider of Integrated Facilities Management solutions for major occupiers of commercial real estate and has significant operations around the world. The purchase price is $1.475 billion, payable in cash, or $1.3 billion net of the present value of estimated tax benefits, and with customary post-closing adjustments for working capital and other items.

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CBRE to purchase Johnson Controls' Global WorkPlace Solutions business for $1.475 billion

March 31, 2015 7:00 AM EDT

MILWAUKEE, March 31, 2015 /PRNewswire/ -- Johnson Controls, Inc. (NYSE: JCI) announced today it has reached a definitive agreement for the sale of its Global WorkPlace Solutions (GWS) business to CBRE Group, Inc., for $1.475 billion. The company announced its intentions to divest the GWS business in September 2014 as part of its strategy to invest in product businesses that are core to its multi-industrial portfolio and growth objectives.

The agreement includes a 10-year strategic relationship between the two companies. Johnson Controls will be the preferred provider of HVAC equipment, building automation... More