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News Apr 15, 2014

Shearman & Sterling Advises CPPIB on Sale of Air Distribution Technologies to Johnson Controls

Shearman & Sterling is advising the Canada Pension Plan Investment Board (CPPIB) on the sale of Air Distribution Technologies, Inc. to Johnson Controls, Inc. in a transaction valued at approximately $1.6 billion. The transaction is expected to be completed by the end of July and is subject to customary closing conditions and regulatory approvals.

Canada Pension Plan Investment Board (CPPIB) is a professional investment management organization that invests the funds not needed by the Canada Pension Plan (CPP) to pay current benefits on behalf of 18 million Canadian contributors and beneficiaries. In order to build a diversified portfolio of CPP assets, CPPIB invests in public equities, private equities, real estate, infrastructure and fixed income instruments. Headquartered in Toronto, with offices in London, Hong Kong, New York City and São Paulo, CPPIB is governed and managed independently of the Canada Pension Plan and at arm's length from governments. At December 31, 2013, the CPP Fund totalled C$201.5 billion.

Air Distribution Technologies is a leading provider of innovative air distribution and ventilation solutions for residential and non-residential buildings as well as air movement and control solutions for industrial and infrastructure applications.

Johnson Controls is a global diversified technology and industrial leader serving customers in more than 150 countries. The company’s 170,000 employees create quality products, services and solutions to optimize energy and operational efficiencies of buildings; lead-acid automotive batteries and advanced batteries for hybrid and electric vehicles; and interior systems for automobiles.

The Shearman & Sterling team included partner Scott Petepiece (New York-Mergers & Acquisitions), counsel Sean Skiffington (Toronto-Mergers & Acquisitions) and associate Robert Bucella (New York-Mergers & Acquisitions). Other lawyers involved include partners Patricia Hammes (Washington, DC-Project Development & Finance), Larry Crouch (Palo Alto-Tax), Jessica Delbaum (New York-Antitrust), Alan Goudiss (New York-Litigation), and Doreen Lilienfeld (New York-Compensation, Governance & ERISA); counsel Paul Epstein (New York-Project Development & Finance) and Jason Pratt (New York-Environmental); and associates Nell Beekman (New York-Compensation, Governance & ERISA), Elan DiMaio (New York-Antitrust), Michael Jokic (New York-Intellectual Property Transactions), Joe Tucci (Palo Alto-Tax) and Drew Valentine (Toronto-Mergers & Acquisitions).