Gentex to acquire HomeLink from Johnson Controls for $700M

Gentex (GNTX) announced the signing of a definitive agreement to acquire Johnson Controls' (JCI) HomeLink business. Under the terms of the agreement, Gentex will acquire all of Johnson Controls' HomeLink assets, intellectual property, testing facilities, and the talented employees who manage and support the business, for a purchase price of $700M. The transaction is subject to customary closing conditions, including certain regulatory approval, and is targeted to close on or about September 30.