Emerson to sell 40% Copeland stake to Blackstone for $1.5B cash; plus $1.9B note repurchase

EMERSON ELECTRIC CO

Emerson to sell its 40% common equity interest in Copeland JV to Blackstone affiliate for $1.5B in cash.
Emerson also to receive $1.9B from repurchase of seller notes issued by Copeland subsidiary.
Closings are not required simultaneously; subject to regulatory approvals and other conditions.
Either party may terminate one or both agreements if closings not completed by Dec 31, 2024.
Total proceeds of ~$3.4B; Emerson's equity in Copeland reduced to zero.

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