Leading global law firm, Baker McKenzie has acted as international counsel to Emerson Electric Co. on the sale of the majority stake in its Climate Technologies business to private equity funds managed by Blackstone, in a transaction valuing the business at $14 billion.
The new standalone business will be named Copeland – building on the brand’s 100-year legacy, global recognition and influence across the HVACR industry. As a standalone company focused on serving the global HVACR market, Copeland’s product portfolio includes market-leading compressors, controls, thermostats, valves, software and monitoring solutions for residential, commercial and industrial customers.
Copeland is poised to build on its iconic brand and trusted expertise to shape the future of climate technology. The company’s products, expertise and innovation play a key role in improving the energy efficiency of heating and cooling solutions – including the rapidly growing market for electric heat pumps and climate-friendly refrigerants, which are seeing strong demand and global adoption given their potential to reduce the environmental impact and carbon emissions of HVAC systems.
The Baker McKenzie team was led by London Partner and Global M&A Chair, Jannan Crozier and also included Corporate Associates Anthony Pisarski, Tiarna Meka and Will Costa, Employment Associate Lorren Martin and Legal Project Managers, Katherine Curtis and Ciara Kennedy.
Additionally, Baker McKenzie fielded a wider team from over 60 offices across its global network.
Commenting on the transaction, Jannan Crozier said: "This highly complex transaction is the largest in Emerson's history and it was a pleasure to be able to support them through it. This deal is another example of the power of carve-out transactions and how they can be used to release value on deals. It is also an excellent display of how we as a firm can provide a joined up global service and combine lawyers and project managers to maximum effect in order to deliver for our clients."
Davis Polk & Wardwell acted as legal counsel to Emerson. Simpson Thatcher & Bartlett acted as legal counsel to Blackstone.
The new standalone business will be named Copeland – building on the brand’s 100-year legacy, global recognition and influence across the HVACR industry. As a standalone company focused on serving the global HVACR market, Copeland’s product portfolio includes market-leading compressors, controls, thermostats, valves, software and monitoring solutions for residential, commercial and industrial customers.
Copeland is poised to build on its iconic brand and trusted expertise to shape the future of climate technology. The company’s products, expertise and innovation play a key role in improving the energy efficiency of heating and cooling solutions – including the rapidly growing market for electric heat pumps and climate-friendly refrigerants, which are seeing strong demand and global adoption given their potential to reduce the environmental impact and carbon emissions of HVAC systems.
The Baker McKenzie team was led by London Partner and Global M&A Chair, Jannan Crozier and also included Corporate Associates Anthony Pisarski, Tiarna Meka and Will Costa, Employment Associate Lorren Martin and Legal Project Managers, Katherine Curtis and Ciara Kennedy.
Additionally, Baker McKenzie fielded a wider team from over 60 offices across its global network.
Commenting on the transaction, Jannan Crozier said: "This highly complex transaction is the largest in Emerson's history and it was a pleasure to be able to support them through it. This deal is another example of the power of carve-out transactions and how they can be used to release value on deals. It is also an excellent display of how we as a firm can provide a joined up global service and combine lawyers and project managers to maximum effect in order to deliver for our clients."
Davis Polk & Wardwell acted as legal counsel to Emerson. Simpson Thatcher & Bartlett acted as legal counsel to Blackstone.
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