The Firm represented Johnson Controls International plc (“Johnson Controls”) (NYSE: JCI) in connection with a “modified Dutch auction” tender offer for up to $4 billion of its ordinary shares. The offer expired on May 31, 2019 and settlement occurred on June 5, 2019. At settlement, Johnson Controls purchased 102,445,878 of its ordinary shares at a purchase price of $39.25 per share, for a total cost of approximately $4 billion, excluding fees and expenses related to the tender offer. The repurchased shares represented approximately 11.4% of the outstanding shares.
The Firm also represented Johnson Controls in connection with its waterfall tender offers to purchase $1.5 billion aggregate principal amount of several of its outstanding series of senior notes.
Johnson Controls is a global leader creating a safe, comfortable and sustainable world. Johnson Controls’ 105,000 employees create intelligent buildings, efficient energy solutions and integrated infrastructure that work seamlessly together to deliver on the promise of smart cities and communities in 150 countries.
The Simpson Thacher team for the Offers included Alan Klein (M&A); Marisa Stavenas, Kenneth Wallach, John O’Connell, Seth Lowinger, Christine Turner and Jessica Jeong (Capital Markets); Greg Grogan and Ashlie Lawton (ECEB); and Andrew Purcell and Abigail Hopper (Tax).