Johnson Controls shareholders approve merger with Tyco
Johnson Controls shareholders have voted to approve the previously announced merger with Tyco. In a final count of the voting results, 97% of votes cast at a special meeting voted in favor of the transaction, representing over 81% of all outstanding Johnson Controls shares as of the record date. The final vote results will be filed on a Form 8-K with the Securities and Exchange Commission.
Tyco shareholders have also approved the transaction.
Officials claim the merger will create a global industrial leader uniquely positioned in buildings and energy markets with $30 billion in annual revenue.
"I am pleased our shareholders have voted in favor of this powerful strategic combination, which will unite two world-class companies with complementary capabilities," said Alex Molinaroli, chairman and CEO of Johnson Controls. "I am excited and enthusiastic as we create the world leader in buildings and energy systems with a strong leadership team and dedicated employees around the world ready to deliver on the promise of smarter cities and communities."
The merger with Tyco is expected to be completed on Sept. 2, 2016.
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