Reported 6 months ago
Emerson Electric Co. has agreed to sell its 40% equity ownership in the Copeland joint venture to Blackstone in a $3.5 billion deal, marking the U.S. industrial firm's exit from the business as part of a strategic focus on automation. The deal is expected to close in the second half of 2024, and the after-tax cash proceeds of $2.9 billion will be used to pay down debt. The transaction will also see investment from the Abu Dhabi Investment Authority and Singapore state fund GIC alongside Blackstone.
Source: YAHOO