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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.
C Street Advisory handles iRobot Corp as the marketer of the Roomba autonomous vacuum cleaner files Chapter 11 after being squeezed by cheaper competitors.
Joele Frank represents Confluent Inc. as the Mountain View, CA-based data streaming platform company agrees to be acquired by IBM in a deal with an enterprise value of $11B.
Tom Johnson, who has headed H/Advisors Abernathy since 2016, will join FGS Global as global head of private capital & financial services, effective Dec. 16.
Brunswick Group and Gagnier Communications are handling Paramount’s $30 cash per-share offer for all of Warner Bros Discovery, topping Netflix $27.50 cash/stock transaction.
ICR Inc. handles communications for Enhanced Ltd, which plans to run Olympic-type competitions with athletes using performance-enhancing drugs, as it goes public in a SPAC deal valued at $1.2B via a merger with A Paradise Acquisition Corp. of Hong Kong.
