Connect with us


Blackstone owns the Majority of Emerson’s $14 Billion Climate Technology Unit



Blackstone owns the majority of Emerson's $14 billion climate technology unit

Blackstone owns the majority of the climate technology unit

According to the Wall Street Journal, American industrial company Emerson (NYSE: EMR) Electric Co is selling controlling ownership in its climate technology subsidiary to Blackstone (NYSE: BX) Inc in a deal that values the unit at $14 billion, including debt.

According to the source, which cited executives, the acquisition, which is anticipated to be disclosed later in the day, would give Blackstone a 55% share in the division. Emerson would keep 45% of the stock.

The purchase would include $4.4 billion in stock contributions from the Blackstone Group and its co-investors, as well as an additional $5.5 billion in debt financing, according to the article.

Emerson Electric revealed that it would sell its Russian operations

Emerson Electric revealed last month that it would sell its Russian operations to the regional management group for an unknown sum.

After announcing an $11 billion merger of its software assets with rival Aspen Technology (NASDAQ: AZPN) Inc last year, the industrial behemoth has recently realigned its companies across segments and regions.

After-hours requests for comment from Reuters were not immediately answered by Emerson Electric or Blackstone.

Related CTN News:

How to use Adobe Photoshop for Graphic Design – Learn Basics

Arsi Mughal is a staff writer at CTN News, delivering insightful and engaging content on a wide range of topics. With a knack for clear and concise writing, he crafts articles that resonate with readers. Arsi's pieces are well-researched, informative, and presented in a straightforward manner, making complex subjects accessible to a broad audience. His writing style strikes the perfect balance between professionalism and casual approachability, ensuring an enjoyable reading experience.

Continue Reading