JCI Is Said to Weigh Sale of HVAC Assets at $5 Billion Value (1)

Johnson Controls International Plc is exploring a sale of a portfolio of heating and ventilation assets that could be valued at as much as $5 billion, people with knowledge of the matter said.

The Milwaukee-based building products company is working with advisers as it seeks to gauge buyer interest in the assets, which sit within its Heating, Ventilation and Air Conditioning, or HVAC, division, according to the people.

The assets it’s considering selling, dubbed the residential light commercial businesses, include most of the York International operations that Johnson acquired in 2005, the people said. They also include a 60% stake ...