Blackstone to Buy Emerson’s $14 Billion Climate Tech Unit
- Business includes the Copeland line of compressor products
- Emerson to receive $9.5 billion in pretax cash proceeds
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Blackstone Inc. agreed to buy control of Emerson Electric Co.’s climate technologies arm in a deal valuing the business at about $14 billion.
The private equity firm will acquire a majority stake in the unit, which sells the Copeland line of compressors used in heating and cooling equipment, according to a statement Monday. St. Louis-based Emerson will receive upfront pretax cash proceeds of around $9.5 billion and keep a 45% stake.