- Latest example of the work of Baker McKenzie in advising Emerson Electric on a complex carve out transaction
- This is also another example of a trend we are seeing with more and more companies re-examine their businesses and looking at the separation of different business units
Leading global law firm Baker McKenzie is advising long standing client Emerson Electric as Carve-out Counsel on its $810 million acquisition of Textron Tools & Test business from Textron, an American multi-industry company. The deal completed today, Monday 2 July.
The Baker McKenzie team was led by London Corporate Partners Jannan Crozier and Richard Needham, together with Partner Kim Sartin on the employment and Partner Jonathan Sharp on the pension aspects of the deal. This was a cross border transaction which involved multiple Baker McKenzie's offices including Frankfurt, Hong Kong, Mexico, Paris and Prague.
Commenting on the deal, Corporate Partner Richard Needham, says: "We were delighted to have once again worked with Emerson on this significant transaction for its business. The purchase represents a core part of the company’s overall strategic portfolio repositioning and for us, this is a demonstration of our continued success in advising on complex cross border carve out deals."
This is the latest example of the work of Baker McKenzie in advising on complex carve out transactions. We recently advised BGEO Group PLC on the demerger of its investment business from the banking business, and other recent carve-out deals include SUEZ's $3.4 billion acquisition of GE Water & Process Technologies, Emerson Electric's $3.2 billion acquisition of global manufacturing company Pentair's Valves & Controls business, as well as Emerson's $5.2 billion divestitures and sale of Network Power, Leroy-Somer and Control Techniques.