05:02 PM EDT, 06/06/2024 (MT Newswires) -- Emerson (EMR) said Thursday it signed an agreement to sell its remaining interest in the Copeland joint venture -- formerly Emerson Climate Technologies -- for about $3.5 billion.

Pre-tax cash proceeds will be $3.4 billion, net of the release of $100 million of future indemnity obligations.

Private equity funds managed by Blackstone (BX) will purchase Emerson's 40% common equity ownership, while Copeland will repurchase the seller's note.

Emerson plans to use the proceeds to pay down its existing debt.

Emerson shares were up 1% in after-hours activity.

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