CBRE Group, Inc. and Johnson Controls, Inc. announced this week that they companies had reached a definitive agreement for the sale of the Johnson Controls Global WorkPlace Solutions (GWS) business for $1.475 billion. The transaction is expected to close in the second half and will be funded with CBRE's existing cash as well as debt. Johnson Controls had announced its plans to divest the GWS business last September as part of its strategy to invest in product businesses that are core to its multi-industrial portfolio and growth objectives.
"This agreement with CBRE is a great step for both companies that will allow each of us to build upon our core strengths to create new sources of value for our customers. GWS is a natural fit with CBRE's offerings, and together they will strategically take the business forward," said Alex Molinaroli, chairman and CEO, Johnson Controls. "In addition, the new strategic partnership provides another new, strong channel for Johnson Controls to serve CBRE and its clients around the world with our full portfolio of buildings technologies and services."
"The exceptionally talented GWS team will greatly enhance our service offering for occupiers around the world," said Bob Sulentic, president and chief executive officer of CBRE. "With GWS, we further our ability to create advantages for occupier clients by aligning every aspect of how they lease, own, use and operate real estate to enhance their competitive position."
Under the agreement, Johnson Controls will be the preferred provider of heating, ventilation and air-conditioning equipment, building-automation systems and other services to properties managed by CBRE and Global WorkPlace Solutions, according to a Bloomberg report.
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