Shareholders have approved the USD $14 billion merger between Johnson Controls Inc. (JCI), a global technology and industrial company, and Tyco International PLC (TYC), a company which develops practical, integrated fire protection and security solutions for increasingly complex environments. According to a press release issued by Johnson Controls, 97% of the votes (representing 81% of the company’s shareholders) were cast in favor of the deal. Tyco shareholders had already approved the deal. The merger is expected to be completed by September 2nd.
The merger creates a building and equipment behemoth with over USD $30 billion in revenue. Leadership for the merged entity will rotate between chief executives at both companies. Alex Molinaroli, Chairman and CEO of Johnson Controls, will lead the merged entity for the first 18 months and will be followed by Tyco CEO George Oliver for the next 18 months.