The deal, which translates into Johnson buying 21,080,000 common shares at C$0.30 per share (around $6.3 million in total), will be closed next week and will give Johnson access to the emerging hybrid and electric vehicle market.
"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," Azure CEO Scott Harrison said according to just-auto.com.
"It also further solidifies the already strong relationship between our two companies."
The ties between the two companies go beyond finances, as Johnson Controls supplies the battery packs that integrate with Azure's all-electric powertrain system for Ford Transit Connect.
Johnson Controls made earlier this month a $1.25 billion offer to purchase bankrupt supplier Visteon’s interiors and electronics businesses. The offer, considered by the latter to “lack important information and remain highly conditional and vaguely defined,” has been rejected. This, however, hasn't stopped Johnson from saying it is still considering taking some of Visteon's businesses.
“Johnson Controls, Inc. confirmed that it sent a letter today to Visteon that it remains interested in pursuing its proposal,” says the company’s statement, released earlier this week.