 |
Joele Frank is handling Emerson’s deal to sell a majority stake in its Climate Technologies business to Blackstone, a transaction that values the compressor and refrigeration unit at $14B.
The St. Louis-based industrial company will receive proceeds of $9.5B for Climate Technologies, which chalked up $5B in fiscal 2022 revenues and $1B in pre-tax earnings.
The Climate Technologies’ deal is part of Emerson CEO Lal Karsanbhai's strategy to divest non-core business while investing in software and intelligent devices to position as a pure-play automation products company serving diverse end-markets
Emerson will retain a 45 percent stake in Climate Technologies to participate in its upside potential under Blackstone.
Abu Dhabi Investment Authority and GIC, Singapore’s state fund, are investing with Blackstone in Climate Technologies.
Joele Frank, Wilkinson Brimmer Katcher’s Joseph Sala and Tanner Kaufman represent Emerson.
Caterpillar’s Rob Rengel will join ATI Inc. on June 22 as VP-investor relations, succeeding the retiring David Weston.
Hut 8, energy infrastructure platform, has named NextEra Energy's Mark Eidelman head of IR and SVP of strategic finance.
Teneo handles easyJet as Minneapolis investment firm Castlelake mulls a possible takeover of the British budget airline.
Brunswick Group represents Universal Music Group as it rejects the unsolicited $65B takeover offer by billionaire Ed Ackman's Pershing Square Capital Management because it “fundamentally and materially undervalues” the world’s largest music company.
Prosek Partners brings on Danielle O’Brien as a managing director in its investor relations practice, based in the firm’s New York office.
