June 07, 2024 07:09 GMT
Emerson (A2/A/NR): Copeland Divestment
CAPITAL GOODS
Small positive for spreads
- Emerson announces the sale of its Copeland JV interests to Blackstone for $3.5bn.
- Approx $2.9bn after tax proceeds will be used to pay down debt.
- We estimate ~0.6x reduction in leverage to 1x for FY24.
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