Blackstone owns the majority of the climate technology unit
According to the Wall Street Journal, American industrial company Emerson (NYSE: EMR) Electric Co is selling controlling ownership in its climate technology subsidiary to Blackstone (NYSE: BX) Inc in a deal that values the unit at $14 billion, including debt.
According to the source, which cited executives, the acquisition, which is anticipated to be disclosed later in the day, would give Blackstone a 55% share in the division. Emerson would keep 45% of the stock.
The purchase would include $4.4 billion in stock contributions from the Blackstone Group and its co-investors, as well as an additional $5.5 billion in debt financing, according to the article.
Emerson Electric revealed that it would sell its Russian operations
Emerson Electric revealed last month that it would sell its Russian operations to the regional management group for an unknown sum.
After announcing an $11 billion merger of its software assets with rival Aspen Technology (NASDAQ: AZPN) Inc last year, the industrial behemoth has recently realigned its companies across segments and regions.
After-hours requests for comment from Reuters were not immediately answered by Emerson Electric or Blackstone.