Bosch to Buy JCI Air-Conditioning Assets in $8 Billion Deal (3)

Robert Bosch GmbH plans to buy Johnson Controls International Plc’s heating and ventilation assets for $8 billion, the German company’s biggest deal ever as it diversifies away from automotive supplies.

As part of the deal, Bosch will acquire full ownership of Johnson Controls’ air-conditioning joint venture with Hitachi, including the Japanese manufacturer’s 40% stake, Bosch said Tuesday. All parties have signed binding agreements, and the deal is expected to close in 12 months, subject to regulatory approval.

The transaction helps Bosch tap into new markets aside and expand away from its automotive business as carmakers shift to electric ...