Simpson Thacher & Bartlett is advising Blackstone Inc. on the private equity firm’s agreement to buy a controlling stake in Emerson Electric Co.’s climate technologies unit.
Davis Polk & Wardwell is advising St. Louis-based Emerson in the deal, which values the climate business at about $14 billion and is expected to close in 2023’s first half.
Emerson will receive upfront, pre-tax cash proceeds of around $9.5 billion while keeping a 45% stake in the company, which sells Copeland brand compressors used in heating and cooling equipment, according to a statement.
The business, which also includes Emerson’s products and services for ...
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