Johnson Controls and Tyco to Merge in Corporate Inversion

Johnson Controls Inc. agreed to merge with Tyco International Plc, combining the companies’ building-control businesses. The deal would move Johnson Controls to Ireland, where corporate tax rates are lower.

Shareholders of Johnson Controls will own about 56 percent of the combined company and receive aggregate cash consideration of about $3.9 billion, the companies said in a statement Jan. 25. The companies expect the deal to close by the end of September. Johnson Controls shareholders may choose one share of the combined company or $34.88 per share in cash.

Johnson Controls is continuing with its plan to spin off its automotive-seating ...