Emerson Electric Co

NYSE:EMRUnited States

Jun 6, 2024

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• Emerson Agrees to Sell Remaining Assets in Copeland JV for $3.5 Billion, from 5:02PM ET on Thursday Jun 06, 2024 by MT Newswires

  5:02PM ET on Thursday Jun 06, 2024 by MT Newswires
  Companies Mentioned: BX, EMR
  05:02 PM EDT, 06/06/2024 (MT Newswires) -- Emerson (EMR) said Thursday it signed an agreement to sell its remaining interest in the Copeland joint venture -- formerly Emerson Climate Technologies -- for about $3.5 billion. Pre-tax cash proceeds will...

• DJ Emerson to Sell Rest of Former Climate Technologies Business to Blackstone for $3.5B, from 4:32PM ET on Thursday Jun 06, 2024 by Dow Jones

  4:32PM ET on Thursday Jun 06, 2024 by Dow Jones
  Companies Mentioned: BX, EMR
  
  By Paul Ziobro
  
  Emerson Electric is selling the its remaining stake in its former climate technologies business for around $3.5 billion.
  
  Funds managed by the private-equity firm Blackstone, which in May completed the acquisition of a 55% stake in unit, valuing it at $14 billion, has agreed to purchase Emerson's 40% common equity ownership in the Copeland joint venture. A wholly owned subsidiary of the Abu Dhabi Investment Authority and the Singapore wealth fund GIC will invest alongside Blackstone as part of the deal.
  

• Emerson Announces Sale of Remaining Interests in Copeland to Blackstone, from 4:05PM ET on Thursday Jun 06, 2024 by PR Newswire

  4:05PM ET on Thursday Jun 06, 2024 by PR Newswire
  Companies Mentioned: EMR

  Transaction Represents Important Simplification Milestone in Emerson's Portfolio Transformation

  Emerson (NYSE: EMR) announced today that it has entered into a definitive agreement to sell its remaining interests in the Copeland joint venture (formerly Emerson Climate Technologies) for a transaction value of approximately $3.5 billion, with pre-tax cash proceeds of $3.4 billion, net of the release of $0.1 billion of future indemnity obligations. Private equity funds managed by Blackstone ("Blackstone") will purchase Emerson's 40% common equity ownership in the joint venture, while Copeland will repurchase the seller's note.