Johnson Controls International said it will sell its Power Solutions business to Brookfield Business Partners L.P. and Caisse de dépôt et placement du Québec (CDPQ) in a cash transaction valued at $13.2 billion.

The business produces batteries for global automakers and aftermarket distributors and retailers for vehicles, including hybrid and electrical models.

The deal will be funded with around $3 billion of equity and $10.2 billion of long-term debt financing.

The battery business unit operates 55 manufacturing, recycling and distribution locations and has its world headquarters in Milwaukee. The unit sold more than 150 million batteries in 2017 and generated revenue of $7.4 billion. It said that one in three vehicles worldwide use its batteries. Brands include Varta, Optima, Mac, Delkor, LTH and Heliar, as well as private-label batteries.

The battery unit employs around 15,000 people and sells to markets in 150 countries.

Brookfield Business Partners LP is a publicly traded limited partnership. It owns and operates the business services and industrial operations of its private equity group. It was formed through a spin-off from Brookfield Asset Management in June 2016.

CDPQ is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As of June 30 it held CA$308.3 billion in net assets.

Brookfield said that it expects to fund around 30% of the equity from existing liquidity. CDPQ will fund approximately 30% of the equity on closing, and the balance will be funded by other institutional partners.

The sale will enable Johnson Controls to become a pure-play building technologies and solutions provider that will operate in the connected building sector as well as in the HVAC industry.

The sale is expected to close by June 30, 2019, subject to closing conditions and required regulatory approvals.