Emerson to sell majority stake in Climate Technologies business to Blackstone
Emerson has agreed to sell a majority stake in its Climate Technologies business to private equity funds managed by Blackstone in a transaction valuing Climate Technologies at US$14bn.
Emerson will receive upfront, pre-tax cash proceeds of approximately US$9.5bn while retaining a non-controlling 45% ownership interest in a new standalone joint venture.
The standalone Climate Technologies business includes the market-leading Copeland compressor business and the entire portfolio of products and services across all HVAC and refrigeration end-markets, representing approximately $5bn of fiscal 2022 sales.
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