Economy

Blackstone in talks to buy up to $10 billion in Emerson’s assets – Bloomberg News

Blackstone in talks to buy up to  billion in Emerson’s assets – Bloomberg News

(Reuters) – Bloomberg News, citing people familiar with the matter, reported on Tuesday that Emerson (NYSE: Electric Co) is in talks with US acquirer Blackstone (NYSE:) Inc to sell part of its business assets and residential solutions. .

The deal, which could be valued between $5 billion and $10 billion, will depend on the amount of portfolio changes, the report said, adding that no final decision has been made and discussions may fail.

Blackstone and Emerson Electric declined to comment.

The report comes amid weakness in the housing market due to the tightening of monetary policy by the US Federal Reserve, which was marked by massive interest rate hikes.

The manufacturing giant has redistributed its business across sectors and geographies recently after announcing an $11 billion merger of its software units with rival Aspen Technology (NASDAQ:) Inc last year.

Last month, Emerson Electric 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. (NYSE:) for $3 billion.

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