November 29, 2022

Emerson sells majority stake in $14 bln local weather tech unit

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Emerson Electrical Co is promoting a majority stake in its climate-technologies enterprise to Blackstone Inc in a deal that may worth the unit at $14 billion together with debt, the Wall Avenue Journal reported on Monday.

The deal, anticipated to be introduced on Monday, would give Blackstone a 55% stake within the unit, the newspaper stated citing executives. (Reporting by Jaiveer Singh Shekhawat in Bengaluru; Enhancing by Sherry Jacob-Phillips)

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