Johnson Controls International PLC has hit a last-minute snag in its quest to sell its automotive-battery business, according to people familiar with the matter.
The company JCI, >-0.24% was nearing a deal to sell the unit to Brookfield Asset Management Inc. for close to $14 billion, the people said. Some analysts expected a deal with the private-equity firm to be announced ahead of Johnson Controls’ fiscal fourth-quarter earnings report Thursday morning.
There was no deal announcement. Now, Apollo Global Management LLC APO, >-0.39% an early contender, has been invited to rebid for the business, the people said.
Apollo, which had offered around $13 billion, stopped its work on the deal when it became clear that Brookfield had won the auction, but it remains interested in the asset and is likely to step back into the ring, they said. Apollo was further along than Brookfield in its due diligence in what would be a complicated carve-out and would have been ready to announce a deal for the business soon after the Oct. 26 bidding deadline, some of the people said.
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