Emerson Electric
has reached a deal to sell a majority stake in its climate-technologies business to private-equity giant
Blackstone
valuing the unit at $14 billion.
The deal, announced Monday, sees
Blackstone
(ticker: BX) take a 55% stake in the unit, with Emerson (EMR) receiving $9.5 billion in cash and a note of $2.25 billion, while retaining a 45% stake, Emerson said in a press release. Emerson’s climate tech unit sells compressors and other heating, ventilation and air conditioning technologies for commercial and residential uses.
