Blackstone Said to Pick Banks for Copeland’s IPO as Soon as 2026

Blackstone Inc. has picked banks for an initial public offering of Emerson Electric Co.’s former Climate Technologies arm, according to people familiar with the matter, two and a half years after the closing of a deal that valued the business at $14 billion.

Morgan Stanley and Barclays Plc are working on the IPO for the unit, now known as Copeland, which could take place as soon as next year, the people said. The buyout firm has also picked Goldman Sachs Group Inc., and Jefferies Financial Group Inc. for the potential listing, they said.

Funds managed by Blackstone acquired ...