Johnson Controls International PLC has hit a last-minute snag in its quest to promote its automotive-battery business, in keeping with folks aware of the topic.
was once nearing a deal to promote the unit to Brookfield Asset Management Inc. for on the subject of $14 billion, the folks mentioned. Some analysts anticipated a handle the private-equity company to be introduced forward of Johnson Controls’ fiscal fourth-quarter profits record Thursday morning.
There was once no deal announcement. Now, Apollo Global Management LLC
an early contender, has been invited to rebid for the business, the folks mentioned.
Apollo, which had presented round $13 billion, stopped its paintings at the deal when it changed into transparent that Brookfield had received the public sale, but it surely stays in the asset and is prone to step again into the hoop, they mentioned. Apollo was once additional alongside than Brookfield in its due diligence in what can be a sophisticated carve-out and would were able to announce a deal for the business quickly after the Oct. 26 bidding closing date, some of the folks mentioned.
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