CANADA: Johnson Controls takes hybrid company stake
The Canadian subsidiary of Johnson Controls has taken a minority stake in Azure Dynamics for about CDN$6.3m.
The deal is for 21,080,000 common shares at CDN$0.30 per share.
Following completion of the investment, Johnson Controls' Canadian subsidiary will own approximately 3.4% of Azure.
"This strategic investment, which is at a premium to the recent trading price of our shares, is a meaningful endorsement of our technology by the world's leading supplier of automotive batteries and a company deeply experienced in integrated automotive systems," said Azure CEO Scott Harrison. "It also further solidifies the already strong relationship between our two companies."
The deal is expected to close around 15 June.
Azure said it will use the proceeds to fund its ongoing product development and commercialisation efforts as well as for general corporate purposes.