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Emerson Electric Co Reaches Agreement To Sell Majority Interest In Embedded Computing & Power Business To Platinum Equity

Tuesday, 6 Aug 2013 06:25am EDT 

Emerson Electric Co announced an agreement to sell a 51% stake in its embedded computing and power business to Platinum Equity. Emerson will receive approximately $300 million in cash and will retain a 49 percent noncontrolling interest in the business, which will operate as an independent company. Share repurchase will be increased by $600 million to offset associated earnings dilution. The transaction is expected to close in approximately three to six months, upon securing regulatory approvals in various countries. Once the transaction is completed, Emerson`s interest in the new entity will be reported using the equity method of accounting. Sales and earnings from the embedded computing and power business will continue to be reported in Emerson`s 2013 results, which will include a noncash pretax goodwill impairment of $503 million related to the business. 

Company Quote

0.38 +0.61%
24 Oct 2014