Simpson Thacher is representing funds managed by Blackstone and its portfolio company Copeland (formerly Emerson Climate Technologies) in connection with announced transactions that will see Emerson Electric Co. sell its remaining interest in the Copeland joint venture for a total transaction value of approximately $3.5 billion. Funds managed by Blackstone will purchase Emerson Electric Co.’s 40% common equity ownership in the joint venture, while Copeland will repurchase the seller’s note issued to Emerson in connection with the closing of the acquisition of a majority stake in Copeland by funds managed by Blackstone in 2023.
The transactions are expected to close in the second half of calendar year 2024, subject to regulatory approvals and customary closing conditions.
Simpson Thacher represented Blackstone in its initial acquisition of a majority stake in Copeland.
The Simpson Thacher team includes Elizabeth Cooper, William Allen, Louis Argentieri and Julia Tory (M&A); Jon Goldstein, Ed Grais and Matt Lester (Tax); Brian Gluck, Adam Moss, Dorothy Hector and Roman Ibragimov (Banking and Credit); Jon Ozner, Adriana Estor and Christopher Flynn (Capital Markets); and Jonathan Karen, Steven Klar, Ben Smith, Michael Wolitzer and Ben Wells (Funds).