Japan’s Hitachi is considering selling its 40% stake in an air-conditioning joint venture with Johnson Controls International Plc, Bloomberg News reported on Tuesday, citing people familiar with the matter.
The deal could value the joint venture, Johnson Controls-Hitachi Air Conditioning, at almost 500 billion yen ($3.16 billion), Bloomberg reported citing the sources.
A Hitachi spokesperson said no decision has been made at this time, adding Hitachi “considers ways to enhance its corporate value.”
Johnson, which owns the other 60%, has been seeking to sell its heating and ventilation assets, including the joint venture, for months, according to Bloomberg.
Reuters