tiprankstipranks
Trending News
More News >
Advertisement
Advertisement

Emerson Electric sells remaining interests in Copeland to Blackstone for $3.5B

Emerson (EMR) announced that it has entered into a definitive agreement to sell its remaining interests in the Copeland joint venture for a transaction value of approximately $3.5B, with pre-tax cash proceeds of $3.4B, net of the release of $0.1B of future indemnity obligations. Private equity funds managed by Blackstone (BX) will purchase Emerson’s 40% common equity ownership in the joint venture, while Copeland will repurchase the seller’s note. The transactions have been unanimously approved by Emerson’s Board of Directors and are expected to close in the second half of calendar year 2024, subject to regulatory approvals and customary closing conditions. The transactions are expected to result in a net pretax gain of approximately $0.2B. Emerson intends to use the approximate $2.9B after-tax cash proceeds to pay down its existing debt obligations. A wholly owned subsidiary of the Abu Dhabi Investment Authority and GIC will invest alongside Blackstone as part of the transaction.

Elevate Your Investing Strategy:

  • Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.

Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>

Disclaimer & DisclosureReport an Issue

1