Blackstone Inc. (NYSE:BX), GIC Private Limited and Abu Dhabi Investment Authority entered into a definitive agreement to acquire 40% stake in Copeland LP from Emerson Electric Co. (NYSE:EMR) for $3.4 billion on June 6, 2024. Transaction is for a transaction value of approximately $3.5 billion, with pre-tax cash proceeds of $3.4 billion, net of the release of $0.1 billion of future indemnity obligations.

Emerson intends to use the approximate $2.9 billion after-tax cash proceeds to pay down its existing debt obligations. Debt financing related to the transaction is being led by RBC Capital Markets, LLC, Barclays, Goldman Sachs Bank USA, Sumitomo Mitsui Banking Corporation, and Wells Fargo. The transaction is subject to the government approvals and any required approval pursuant to applicable Competition Laws.

The transactions have been unanimously approved by Emerson?s Board of Directors and are expected to close in the second half of calendar year 2024. Marc O. Williams of Davis Polk & Wardwell LLP served as legal advisor and Goldman Sachs & Co. LLC served as exclusive financial advisor to Emerson.

William J. Allen, Louis Argentieri, Jon Goldstein, Brian Gluck, Adam Moss, Jon Ozner, Jonathan Karen, Steven Klar, Ben Smith, Michael Wolitzer, Ben Wells and Elizabeth A. Cooper of Simpson Thacher & Bartlett LLP acted as legal counsel to Blackstone and Copeland. Barclays Capital Inc. and RBC Capital Markets, LLC acted as financial advisor to Blackstone and Copeland.