WSJ: Blackstone buys back stake in Emerson Electric division for $9.9 billion
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According to The Wall Street Journal, investment company Blackstone has agreed to buy a stake in Emerson Electric, a division that sells heating and cooling products and services for commercial and residential buildings. The deal should be officially announced within 24 hours.
As part of the agreement, Blackstone will acquire a 55% stake in the relevant division of Emerson Electric, which the investment company has valued at $14 billion. The purchase of the stake will cost Blackstone $9.9 billion, which will be the largest private equity transaction in the US market in recent months, the WSJ notes.
Blackstone intends to pay $4.4 billion with its own funds, and the remaining $5.5 billion will be covered by attracting new loans.
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