Emerson Announces Sale of Remaining Interests in Copeland to Blackstone
Emerson announced 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 will purchase Emerson’s 40% common equity ownership in the joint venture, while Copeland will repurchase the seller’s note.
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