Blackstone Acquires Copeland (formerly Emerson Climate Technologies)

Industrials · United States · $14.0B (2023 initial stake) + $3.5B (2024 remaining stake)

Blackstone acquired a 60% majority stake in Emersons Climate Technologies business in a transaction valuing it at $14.0 billion, closing May 31, 2023; Emerson received approximately $9.7 billion in upfront cash proceeds plus a $2.25 billion sellers note and retained 40% common equity ownership. The business was rebranded as Copeland. In August 2024, Blackstone acquired Emersons remaining 40% stake for approximately $3.5 billion, with the Abu Dhabi Investment Authority (ADIA) and GIC co-investing alongside Blackstone, making Copeland fully Blackstone-controlled. Barclays served as lead financial advisor to Blackstone across both transactions.