Johnson Controls and Tyco have announced that they have entered into a definitive merger agreement, under which Johnson Controls, a multi-industrial company, will combine with Tyco, a fire and security provider, to create an entity for building products and technology, integrated solutions and energy storage.

The announcement added that under the terms of the proposed transaction, the businesses of Johnson Controls and Tyco will be combined under Tyco International, which will be renamed Johnson Controls.

According to the two entities, the companies expect that shares of the combined company will be listed on the New York Stock Exchange and trade under the JCI ticker, and upon the closing of the transaction, the combined company is expected to maintain Tyco’s Irish legal domicile and global headquarters in Cork, Ireland. The primary operational headquarters in North America for the combined company will reportedly be in Milwaukee, where Johnson Controls has been based.

“The proposed combination of Johnson Controls and Tyco represents the next phase of our transformation to become a leading global multi-industrial company,” said Alex Molinaroli, Chairman and CEO of Johnson Controls. “With its world-class fire and security businesses, Tyco aligns with and enhances the Johnson Controls buildings platform and further positions all of our businesses for global growth.”

George R Oliver, CEO of Tyco, added: “The combination of Tyco and Johnson Controls is a highly strategic, value-enhancing step that brings together the unique strengths of two great companies to deliver best-in-class building technologies and services to customers around the world. We believe this transaction will allow us to better capture opportunities created by increased connectivity in homes, buildings and cities.”