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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.
Teneo is handling the initial public offering of CVC Capital Partners, one of Europe’s largest private equity firms with nearly $200B in assets under management.
Brunswick Group represents Endeavor Group Holdings as it agrees to go private via its acquisition by Silver Lake technology investment firm, which is handled by Edelman Smithfield.
Tod Donhauser, a nine-year veteran of Edelman, has joined H/Advisors Abernathy as managing director and head of its San Francisco office.
Intelligent Group Ltd, a Hong Kong-based financial PR firm, has priced its initial public offering of 1.9M shares at $4, which is the low end of the $4 to $5 range.
Kekst CNC represents Grant Thornton as it sells a majority stake in its US arm to New Mountain Capital, which relies on Goldin Solutions, in what is billed as the largest PE investment in the accounting and advisory sector.
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