Bosch Completes $8 Billion Acquisition of Residential and Light Commercial HVAC Business from Johnson Controls and Hitachi

Robert Bosch GmbH (Bosch) has completed its acquisition of the global heating, ventilation and air conditioning (HVAC) solutions business for residential and light commercial buildings from Johnson Controls.

As part of this transaction, Bosch also acquired 100 percent of the Johnson Controls-Hitachi Air Conditioning (JCH) joint venture, including Hitachi's 40 percent stake. The purchase price for the acquired businesses is $8 billion (€7.4 billion).

This is the biggest transaction in Bosch's history. It will accelerate the company's growth, bringing the Home Comfort division to more than €8 billion in sales and expand the company's presence in the U.S. and Asia significantly.

The Bosch Group is a leading global supplier of technology and services. With this acquisition the company successfully taps into attractive growth prospects: The global HVAC market amounted to more than €150 billion in 2024. Demand, especially for air conditioning units, will only continue to increase in the coming years, due to global warming as well as other factors.

S&C advised Bosch with a global team on all Corporate, Tax, Intellectual Property, Executive Compensation, Environmental and Antitrust aspects of this landmark transaction. The team is led by Carsten Berrar, Scott Crofton, Frank Aquila, Stephan Rauch and Konstantin Technau and includes Mitchell Friedman, Elizabeth Levin and Frederic Dreher on the corporate side. Davis Wang, Alexei Owen and James Jang advised on tax matters. Mehdi Ansari, RuiHui (Rachel) Yu and Man Wing Elizabeth Cheung advised on intellectual property matters. Jeannette Bander and Rebecca M. Rabinowitz handled executive compensation matters. Matthew J. Brennan advised on environmental matters. Renata Hesse, Michael Rosenthal, Kolja I. Ortmann and Penelope A. Bergkamp advised on antitrust matters.