Industrial company to sell 55% stake in climate-technologies business to investment firmThe deal is the latest in a string of divestitures by St. Louis-based Emerson Electric, which took part in a Seoul exhibition earlier this year.
Emerson Electric Co. EMR 1.76%increase; green up pointing triangle is selling a majority stake in its climate-technologies business to Blackstone Inc. BX 0.68%increase; green up pointing triangle in a transformational deal for the industrial company that would value the unit at $14 billion including debt and mark the biggest private-equity buyout in months at a time when such activity has been choked off by market volatility.
The deal, expected to be announced Monday, would give Blackstone a 55% stake in the unit, which sells compressors and other HVAC products and services used in commercial and residential heating and cooling as well as cold storage, executives from both companies said. Emerson would retain a 45% stake.
