Emerson in talks with Blackstone to sell part of its business assets: Report
According to a news report, Emerson Electric Co is in talks with U.S. buyout firm Blackstone Inc to sell a part of its commercial and residential solution business assets.
Citing people familiar with the matter, the report stated that the deal, that could be valued between $5 billion and $10 billion, would depend upon how much of the portfolio changes hands. It further added that no final decision has been made and the discussions could fall through.
Blackstone and Emerson Electric however declined to comment.
The report comes amid weakening of the housing market due to the U.S. Federal Reserve's aggressive monetary policy tightening, marked by oversized interest rate hikes.
After announcing an $11 billion merger of its software units with rival Aspen Technology Inc last year, Emerson has reshuffled its business across segments and geographies in recent times. Last month, the manufacturing giant announced that it would sell its Russian business to the local management team for an undisclosed amount.
Meanwhile, the company said in August that it would sell its InSinkErator unit to Whirlpool Corp for $3 billion.
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