Robert Bosch GmbH plans to buy Johnson Controls International plc’s heating and ventilation assets for US$8 billion , as the German company diversifies its portfolio away from automotive supplies. 

All parties have signed binding agreements, Bosch said on Tuesday. The deal is expected to close in 12 months, subject to regulatory approval. 

As part of the deal, Bosch will acquire full ownership of Johnson Controls’ air-conditioning joint venture with Hitachi, including the Japanese manufacturer’s 40% stake. 

The transaction is the largest in Bosch’s history, and will nearly double its home comfort business to €9 billion (US$9.8 billion or RM45.71 billion) from €5 billion in sales, the company said. The deal includes 16 production sites and 12 development sites in more than 30 countries.

  - Bloomberg