Johnson Controls International plc is nearing a deal to sell its Power Solutions business to Brookfield Asset Management Inc., according to a report from Bloomberg.
The publication cited “people familiar with the matter” and reported a deal could be announced as soon as this week.
Johnson Controls, which is based in Ireland but operates from a headquarters in Glendale, announced a strategic review of its auto battery business earlier this year. In July, executives said it would make a decision by the time it announced earnings in early November.
The Power Solutions business is based in Glendale and has about 500 employees in the area. It has also been deeply involved in research into new battery technology at the University of Wisconsin-Milwaukee.
Bloomberg previously reported the Power Solutions business could sell for more than $12 billion.
Representatives of JCI and Brookfield declined to comment to Bloomberg.