The move coincides with the year’s record-breaking U.S. IPO spree losing some of its momentum. Since Jan. 31, 690 companies have raised more than $229 billion in listings, according to data compiled by Bloomberg.
Clarios produces a range of battery products from low-voltage to vehicle and industrial products. Its portfolio of brands includes Varta, LTH and Heliar.
Brookfield’s private equity arm, Brookfield Business Partners, agreed to buy the battery business from Johnson Controls International Plc in 2018, funded by $3 billion in equity and $10.2 billion in long-term debt.
Clarios ranks No. 80 on the Automotive News list of the top 100 global suppliers with worldwide sales to automakers of $1.9 billion in 2020.
