Emerson today announced an agreement to sell Network Power to Platinum Equity and a group of co-investors for $4 billion.
It will retain a subordinated interest in Network Power and the sale is expected to close by December 31, 2016, subject to customary regulatory approvals.
“This agreement marks a major milestone in the strategic portfolio repositioning we announced last June,” said David N Farr, chairman and chief executive officer, Emerson.
“By selling Network Power to Platinum Equity, we have achieved a successful result for our shareholders as part of our plan to streamline Emerson to create a more focused company with significant opportunities for growth and profitability in our core served markets. We believe Network Power has a bright future ahead and Platinum Equity is well-positioned to help the company continue to thrive and realize its full potential,” added Farr…Read More