Sullivan & Cromwell has advised German engineering group Robert Bosch on its $8 billion agreement to acquire the residential ventilation businesses of Johnson Controls and Japanese group Hitachi.
Simpson Thacher & Bartlett represented Johnson Controls, while Freshfields Bruckhaus Deringer acted for Hitachi.
According to Reuters, the deal is set to strengthen Bosch’s presence in the United States and Asia, including sales of heat pumps as the company looks to capitalise on global efforts to reduce oil and gas heating to cut greenhouse gases.
The sale of the JCI assets includes its North America ducted business and a joint venture with Hitachi, which holds a 40 percent stake, Reuters added.
The Simpson Thacher team included New York partners Jakob Rendtorff, Alan Klein, and Keegan Lopez, and Tokyo partner Jonathan Stradling.
Freshfields’ lead partners were Noah Carr and Takeshi Nakao (both in Tokyo).
