Johnson Controls Shareholders Approve Merger With Tyco
August 18, 2016
On August 17, 2016, Johnson Controls shareholders voted to approve the previously announced merger with Tyco. In a final count of the voting results, 97 percent of votes cast at a special meeting voted in favor of the transaction, representing more than 81 percent of all outstanding Johnson Controls shares as of the record date. The final vote results will be filed on a Form 8-K with the Securities and Exchange Commission.
Tyco shareholders have also approved the transaction.
The merger will create a global industrial leader positioned in buildings and energy markets with $30 billion in annual revenue by bringing together two leading businesses with best-in-class product, technology and services to deliver greater value to customers, shareholders and employees, Johnson Controls reported in a press release.
“I am pleased our shareholders have voted in favor of this powerful strategic combination, which will unite two world-class companies with complementary capabilities,” said Alex Molinaroli, chairman and CEO of Johnson Controls. “I am excited and enthusiastic as we create the world leader in buildings and energy systems with a strong leadership team and dedicated employees around the world ready to deliver on the promise of smarter cities and communities.”
The merger with Tyco is expected to be completed on Sept. 2, 2016.