Emerson (NYSE: EMR) has announced that it has entered into a definitive agreement to sell its remaining interests in the Copeland joint venture (formerly Emerson Climate Technologies) for a transaction value of approximately US$3.5 billion, with pre-tax cash proceeds of US$3.4 billion, net of the release of US$0.1 billion of future indemnity obligations. Private equity funds managed by Blackstone will purchase Emerson’s 40% common equity ownership in the joint venture, while Copeland will repurchase the seller’s note.

Latham & Watkins LLP represented the lenders in a financing to support the transaction with a banking team led by partners Paul Bonewitz, Gene Mazzaro, Victor Ludwig, Alfred Xue, Jennifer Ezring, and Conray Tseng, with associates Ana Núñez Cárdenas, Jack Klein, and Victoria Basedow.