(Finance) – Emerson Electrica US technology and software company, has achieved a final agreement under which it will sell a majority stake in his activity of Climate Technologies to private equity funds managed by Blackstone, in a transaction valuing the unit $ 14 billion. Emerson will receive upfront, pre-tax, cash proceeds of approximately $ 9.5 billion while maintaining a minority interest in a new stand-alone joint venture.
The transaction “marks a significant milestone in Emerson’s journey to create a cohesive, higher-value industrial technology portfolio and to become a pure global automation company serving a diverse set of end markets“, reads a note.
Emerson also disclosed i results for the fourth quarter of the fiscal year 2022 (ended September 30). Fourth quarter net sales increased 8% and underlying sales increased 12% to $ 5.4 billion. Adjusted EBITA margin was 23.3%, up 260 basis points. Adjusted earnings per share were $ 1.53, up 16%.