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Blackstone to buy Emerson’s Climate Tech in a $14bn deal

Emerson Electric is selling a majority of its climate-technologies unit to Blackstone, valuing the business at $14bn. The deal would give Blackstone 55% of the unit’s stake. The remaining 45% is retained by Emerson.

Emerson is a global technology and software company which provides innovative solutions for the world’s most essential industries. Its climate tech business sells refrigeration units, heating and cooling system components, and tools used by supermarkets to monitor their lighting and refrigeration systems. The company seeks to restructure to focus purely on providing automation machinery to the automotive, energy and industrial sectors.

Blackstone, along with its co-investors Abu Dhabi Investment Authority and Singapore state fund GIC, would contribute $4.4bn in equity toward the deal, with the remaining $5.5bn coming from debt financing. Blackstone said the business would benefit from upgrades in consumer behaviour as individuals and businesses are becoming more climate-friendly and cost-effective.

The deal is expected to close in the first half of 2023, subjecting to regulatory approvals and customary closing conditions. Centerview Partners LLC and Goldman Sachs are financial advisers to Emerson, while Barclays is the lead financial adviser to Blackstone.

Written by: Quynh Chi Le

Source: Financial Times and Reuters

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